Copper prices drop $225 per tonne

In the metals markets on Wednesday, gold hit a seven week high as it climbed $9.70 to $615.70 per troy ounce on weakness in the US economy, signaled by a drop in October’s numbers on manufacturing from the Institute of Supply Management and the further decline of the dollar.

Base metals were also lower, with copper dropping $225 to $7,150 per tonne in London on Institute of Supply Management data that showed prices paid for base metals lower as well as on London Metal Exchange copper inventories which are rising. Aluminium as lower as well, by $58 to $2,731 per tonne.