Base metals prices decline on session

Base metals prices were lower on Tuesday even though tin reached a long-term high and copper prices were up to their highest level since December during the session. Meanwhile, nickel was down approximately 4 percent on the session, with three-month prices falling $2,000 to $44,500 per tonne.

Tin reached as high as $14,200 per tonne during the day on the London Metal Exchange but ended up dropping $100 on the day to $13,850 per tonne even though there are still worries about supply disruptions in Indonesia. Tin prices are still up 21 percent since the beginning of the year.

Three-month copper dropped $20 on the day to $6,650 per tonne despite rising to $6,715 per tonne earlier in the session. The declines could be a reaction to new figures on 2006 supply from the Lisbon-based International Copper Study Group, which showed that there were surpluses of copper in 2006 as against deficits in 2005 and in previous years.