Metals prices lower after records

Metals prices were lower on Tuesday. Gold dropped 0.8 percent to $587.90 per troy ounce even though tensions over the situation in North Korea remain high. Among base metals, both zinc and nickel prices hit new highs before retreating for losses on the session. Zinc traded as high as $4,020 per tonne but later fell 2.4 percent below yesterday’s close to $3,865 per tonne, while nickel dropped 1.4 percent to $31,400 per tonne after trading at $32,050 per tonne earlier in the session.

Supply disruptions in Bolivia and Indonesia did not stop tin from dropping 9.1 percent to $10,000 per tonne. While 20 smelters in Indonesia remained closed by government action due to improper permits, the news out of Bolivia was not quite as dire as first thought. Boliva’s vice-president said that government threats to nationalize mining there only pertained to new developments and that no current operations would be seized. Meanwhile, copper dropped 1.6 percent to $7,640 even though an Indonesian smelter will remain out of production until the middle of December.