Base metals prices lower on session

The price of gold remained steady, trading in the range of $658.80/$659.80 per troy ounce on Wednesday after it went as high as $661.85 per troy ounce during the session.

Base metals prices were lower on the day. Tin dropped $150 to $14,200 per tonne for three-month contracts. The decline came after tin hit a long-term high of $14,200 per tonne on Tuesday. Copper, meanwhile, remained close to its high for the year, falling only $18 to $6,627 per tonne.

Nickel was $550 lower to $44,050 late in the day but fell as low as $42,750 during the session, the third day in row that the price of nickel has declined. Inventories were up by 654 tonnes, to 4,302 tonnes, the most in London Metal Exchange warehouses in a month. Still, only 3,252 tonnes were available, less than a day’s consumption of the metal worldwide.