Daily Metal Market News & Metal Prices
 
Daily Metal Prices & Market News
Thursday 04th of December 2008
Thursday, August 16, 2007

Copper drops 23 cents per pound in New York

Copper drops 23 cents per pound in New York

Base metals prices dropped substantially on Thursday as investors were not willing to take on any risk in the wake of falling equities markets and continuing worries about the global economy.

December copper in New York was down 23.1 cents, or 7 percent, to $3.091 per pound, its biggest percentage decline since the beginning of January, although it remains up 7.7 percent on the year.

News that US housing starts were down by 6.1 percent in July to an annual rate of 1.381 million, added to worries about the continuing chaos in the subprime sector, led to new concerns that the wider economy will be impacted and that demand for industrial metals such as copper will decline.

Meanwhile in London, copper prices fell 7.7 percent to $6,790 per tonne after London Metal Exchange stockpiles added 2.8 percent to 119,350 tonnes.

Other base metals also declined on the LME.

Aluminium fell 3.3 percent to $2,468 per tonne, while nickel dropped 5.6 percent to $25,025 per tonne.

Lead was 5.7 percent lower to $2,820 per tonne even though LME stockpiles dropped to a 21-year low after a decline of 400 tonnes.

Zinc fell 8.3 percent on the session to trade at $2,970 per tonne.

 

Add to Bookmarks:

ADD TO NETSCAPE     ADD TO DEL.ICIO.US     ADD TO DIGG     ADD TO FURL

ADD TO STUMBLEUPON     ADD TO YAHOO MYWEB     ADD TO GOOGLE     ADD TO SPURL


Related posts to: Copper drops 23 cents per pound in New York

Silver price drops slightly ...

Gold drops almost $15 per ounce in New York ...

Gold drops nearly $7 per troy ounce ...

Gold drops half a dollar in New York ...

Copper drops 17 cents in New York ...

Latest Metals News:

Latest News  Copper prices drop in New York, London

Latest News  BHP Billiton scraps plans to acquire Rio

Latest News  Base metals see more price declines

Latest News  Copper prices fall on inventories, US housing data

Latest News  Copper, aluminium gain after early declines

Latest News  Gold drops half a dollar in New York

Latest News  Copper pares gains on US retail data

Latest News  Copper, aluminium inventories continue to climb

Latest News  Alcoa delays expansion at Wagerup and cuts production

Latest News  Platinum, palladium down on auto sector problems


Previous: « Investors sell precious metals, prices drop
Next: Market turbulence affects prices and projects »

Visited 939 times, 3 so far today

Gold ($/troy ounce):

Silver ($/troy ounce):

Platinum ($/troy ounce):