Copper drops on China imports data

Precious metals prices were mixed on Tuesday, but base metals prices were lower.

August gold had added $1.90 to $667 per troy ounce by early afternoon trade in New York and September silver gained 16 cents to $12.98 per troy ounce.

However, October platinum dropped $4.50 in New York to trade at $1,313.50 per troy ounce.

Copper was lower on the London Metal Exchange, falling 0.9 percent to $7,920 per tonne on news that June imports were down in China.

In New York, September copper was 2 cents lower to $3.63 per pound by early afternoon.

Copper prices had risen the past eight trading days in a row on strike actions in Latin America, but one strike scheduled to begin in Peru was canceled after there was progress in talks concerning restrictions on unions.

Besides the imports news, base metals prices were also sent lower after warnings from the US housing sector that profits would be down and that the market would remain difficult.

Aluminium, used along with copper in building, was 0.1 percent lower to $2,809 per tonne, while nickel dropped 4.9 percent to $32,700, its lowest level in seven months.