Copper prices drop on increased inventories

In the metals markets on Wednesday, gold was 1.6 percent higher to $590.50 per troy ounce. In base metals, copper dropped 0.5 percent to $7,455 per tonne on London Metal Exchange stockpiles there grew by 3,450 tonnes and on rumors that China was getting ready to sell 2,000 to 3,000 tonnes during the week. Zinc inventories, however, dropped by 1,725 tonnes, sending that metal 4 percent higher to $4,055 per tonne after reaching as high as $4,145 earlier. Lead added 4.5 percent on the session to a new record of $1,585 per tonne.