Base metals prices decline after new highs

In the metals markets on Friday, gold dropped $2 on Friday but ended the week just $1 lower as it traded at $623.20/$624.70 per troy ounce.

Most base metals saw declines on the day, while tin was steady at $11,050 per tonne after having hit a 20-year high on Tuesday at $11,275 per tonne. Copper dropped to $6,620 per tonne as London Metal Exchange inventories rose. After gains earlier in the week, aluminium fell $62 on Friday to $2,802 per tonne. Lead dropped $5 on Friday and was more than 7 percent lower than a record reached on Tuesday as it traded at $1,660 per tonne on Friday, but lead prices remained up approximately 70 percent since the beginning of the year. Nickel dropped $400 on Friday but remains 150 percent higher than at the beginning of the year and hit a record $35,000 per tonne before dropping to $34,350 per tonne late in the trading day.