Copper trades at $3.52 per pound in New York

Copper prices were lower in New York on Thursday amid fresh figures showing new home sales and durable goods orders were both down in June, raising fears that the US economy could be headed for a slowdown.

The price of copper suffers in such circumstances as demand declines because not as much of the metal will be used in the manufacture of cars and appliances and in the building of homes.

The average home in the US has around 400 pounds (181 kilograms) of copper in its construction.

Also hurting prices are growing US inventories of the metal, which have grown by 9.9 percent this week.

The price of copper was 3 cents lower to $3.52 per pound in mid-afternoon trade in New York, while London Metal Exchange three-month contracts for the metal dropped $13 to $7,765 per tonne.

The only thing limiting declines in copper prices presently are production interruptions by protesting workers in Chile.