Copper adds 2 percent on shrinking inventories

In the metals markets on Tuesday, lead dropped 0.2 percent to $1,735 per tonne, but not before hitting a new record high price of $1,744 per tonne when London Metal Exchange inventories dropped to 41,075 tonnes, its lowest level of the year. Other base metals prices were higher on the session. Zinc rose only slightly, to $4,500 per tonne, while aluminium added 0.9 percent to $2,837.5 per tonne ahead of the expiration of December contracts at the end the day’s session. Nickel was 1.6 percent higher to $4,250 per tonne. Copper was up 2 percent to $7,140 per tonne when LME stockpiles dropped by 325 tonnes.

Gold was 0.3 percent lower to $643.50 per troy ounce.