Most metals prices lower on session

Base metals prices were affected by declines in China’s equities market Wednesday, with most prices declining on the session. The exception was lead, which added 2.1 percent to $2,287.5 per tonne and reached a new record high of $2.290 per tonne during the day. Analysts said that the price of lead could go even higher during the summer.

Copper, however, dropped 0.8 percent to $7,210 per tonne on the London Metal Exchange even though stockpiles in LME warehouses were down by 1,675 tonnes during the day. In addition, the price of zinc was 1.5 percent lower, to $3,595 per tonne. Analysts said that the recent sell-off had sent prices too low and that prices could go as high as $4,000 per tonne.

Precious metals prices were mostly down as well, with August gold down $4.10 to $659.30 by early afternoon in New York after trading in a range in between $658.00 and $660.90. Platinum had dropped 80 cents to $1,264, while silver traded even at $13.22 per troy ounce.