Base metals see declines on session
by Elaine Frei
December copper was 11 cents lower in New York on Monday to trade at $3.61 per pound at the close of the trading day, its biggest one-day drop since the middle of August.
Three-month copper prices were lower in London as well, falling 3.2 percent to $7,950 per tonne even though Chinese buyers returned to the market after a week off for holidays last week.
Declines were likely limited by a mine-workers’ strike in Peru that is now a week old.
Other precious metals prices were also lower on the London Metal Exchange.
Lead dropped 0.7 percent to $3,660 per tonne after hitting a new record last week, while aluminium was down 1.8 percent to $2,390 per tonne.
Tin dropped 3.1 percent to $15,600 per tonne, zinc was 3.2 percent lower to $2,955 per tonne, and nickel fell 4 percent to $30,200 per tonne.
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