Daily Metal Market News & Metal Prices
 
Daily Metal Prices & Market News
Tuesday 14th of October 2008
Tuesday, October 30, 2007

Copper, lead prices drop on growing inventories

Copper, lead prices drop on growing inventories

Base metals followed precious metals and oil prices lower on Tuesday ahead of Wednesday’s interest rate decision from the US Federal Reserve, which is not seen as quite as likely now to cut rates as it has been in the run-up to the Fed’s meeting this week.

In New York, December copper dropped 4 cents to $3.48 per pound, while three-month contracts on the London Metal Exchange fell $85 to $7,760 per tonne after going as low as $7,666 per tonne earlier in the session.

LME stockpiles of copper grew by 3,250 tonnes more to 160,750 tonnes.

Lead was also lower, falling $57 to $3,583 in London as stockpiles of the metal used in battery manufacture grew to about 39,000 tonnes, a gain of 90 percent since September.

Among other base metals, aluminium dropped $1 to $2,524 per tonne while nickel fell to $31,500 per tonne after trading at $31,550 per tonne on Monday.

Zinc prices fell by $60 to $2,845 per tonne and tin traded around $16,650/$16,700 per tonne, down from $16,850 per tonne on Monday.

 

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, lead prices drop on growing inventories

Base metals inventories continue to decline ...

Copper prices drop on growing stockpiles ...

Gold prices up 0.2 percent ...

Base metals prices mostly up on falling LME inventories ...

Lead, copper prices lower on inventories ...

Latest Metals News:

Latest News  Copper adds 17 cents per pound in New York

Latest News  Copper drops $515 per tonne in London

Latest News  Copper gains $75 despite demand concerns

Latest News  Industrial metals suffer on economy concerns

Latest News  Precious metals prices climb on demand

Latest News  Gold gains on investor search for safety

Latest News  Copper prices gain on demand hopes

Latest News  EMED Mining acquires 100% of Andalucian copper mine

Latest News  Gold gains on safe-haven status

Latest News  Gold prices lower as equities recover


Previous: « Jewellery demand may temper gold price
Next: Precious metals prices fall ahead of Fed decision »

Visited 1366 times, 2 so far today

Gold ($/troy ounce):

Silver ($/troy ounce):

Platinum ($/troy ounce):