Copper at three-month low on demand concerns

Copper prices were at their lowest in three months on Friday as equities markets declined globally and as it seemed that demand from China would decline after some analysts said that the Asian nation has imported more copper than it has needed to in the year so far.

China imported 91.3 percent more copper in the first three quarters of the year this year than it did during the same period last year.

In addition, London Metal Exchange inventories have risen to 172,775 tonnes, a gain of 1,900 tonnes on the session and close to 75 percent more of the metal than was in storage in July.

Three-month copper on the LME dropped $160 to $7,040 per tonne on the session and traded as low as $5,963 per tonne during the day, while in New York December contracts for the metal fell 6 cents to $3.15 per pound.

Among other base metals, aluminium was $20 lower to $2,160 per tonne and zinc dropped $50 to $2,725 per tonne.

Tin added $175 to $16,950 per tonne while lead was also higher as it traded at $2,540 per tonne and nickel closed at $33,800 per tonne on the session.