Copper, zinc prices drop substantially

Most metals prices were lower on Friday, with the price of both copper and zinc falling significantly on rumors of losses by a hedge fund had lost 20 percent recently that prompted selling.

Copper prices fell more than 4.5 percent Friday to $5,340 per tonne and lost 8 percent during the week. Zinc lost 9 percent on Friday and 15 percent over the week to trade at $3,065 per tonne despite the fact that inventories remain at under 100,000 tonnes. Aluminium prices were also lower, dropping $38 Friday to $2,715 per tonne, a decline of 3 percent during the week.

The exception to the falling base metals prices was nickel, which added $550 on Friday to trade at $37,400. Still, nickel prices were down nearly 2 percent this week. While a strike at a mine in Canada was averted, nickel stockpiles remain low and dropped another 144 tonnes Friday.

Gold was also lower on Friday, dropping $8 to trade at $645.20/$645.85 per troy ounce.