Precious metals, most base metals prices drop

Copper prices were at their lowest in six weeks on Wednesday on indications that demand for the metal in China could be slowing as the market there looks to be awash in copper after strong imports. Three-month copper on the London Metal Exchange dropped $145 on the session to $7,610 per tonne after going as low as $7,540 per tonne during the day.

Three-month nickel was also lower on the day, ending down $150 to $50,450 per tonne on LME inventories that were up by 198 tonnes. Nickel was at an all-time high earlier in the month. Zinc dropped $75 to $3,840 per tonne, while tin was $175 lower to $13,950 per tonne. Aluminium nearly even, dropping only $2, to $2,848 per tonne. Lead bucked the trend adding $10 to $2,095 per tonne.

In early afternoon trade in New York, precious metals prices were also lower. Gold fell $13 to $661.50 per troy ounce, while silver dropped 37 cents to $12.95 per troy ounce and platinum was $13.80 lower to $1,325.80 per troy ounce.