Copper, aluminium lower on session

Gold prices were affected by Tuesday’s across-the-board declines in global equities markets but managed to recover enough to decline only $2 on the session. The precious metal was trading at $684.80/$685.55 per troy ounce late in the European session.

Base metals prices were mixed. Aluminium traded as high as $2,900 per tonne during the day before falling back to a $13 decline on the day to $2,882 in late trade. Copper dropped $40 to $6,250 on the London Metal Exchange ahead of new data from China, expected on Wednesday, when the Chinese customs office will publish new figures on refined copper imports. February imports could be as much as double the monthly average in 2006. Nickel, meanwhile, hit a new record high for the third session in a row when it rose as high as $41,700 per tonne during the day.