Base metals mixed; precious metals see gains

Copper dropped 5 cents to $3.60 per pound in afternoon trade in New York on Wednesday, while three-month copper on the London Metal Exchange fell $75 to $7,960 per tonne after going as low as $7,910 per tonne earlier in the day on new data from the US Commerce Department showing that US housing starts dropped 10.2 percent in September, much more of a decline than the 4.2 percent that had been expected to their lowest level in 14 years.

The use of copper in housing construction and wiring makes prices sensitive to conditions in the housing market.

Three-month lead was also lower, down $91 to $3,550 per tonne after inventories in LME warehouses grew by 3,775 tonnes, the second day of stockpile gains in a row.

Among other base metals, zinc was $80 lower to $2,965 per tonne and tin fell $125 to $16,375/$16,400 per tonne but aluminium added $12 to $2,510 per tonne and nickel jumped $100 to $31,800 per tonne.

Meanwhile among precious metals, December gold added 50 cents to $762.50 per troy ounce in New York, while December silver was up 9 cents to $13.75 per troy ounce and January platinum gained $15.80 to $1,438.20 per troy ounce.