Base metals decline on profit-taking

Base metals prices were lower on Thursday as investors took profits after prices rose sharply in the wake of an earthquake in Chile’s northern copper-producing region on Wednesday didn’t seem to have done much damage to mines there.

Despite the strength of the initial quake and aftershocks that continued, mines reported that while inspections are continuing not much damage seemed to have been done and electrical service was restored quickly, allowing the mines to restart production.

December copper in New York dropped more than 6 percent as it fell 21 cents to $3.12 per pound at the close of trade on the Comex division of the New York Mercantile Exchange, while three-month copper on the London Metal Exchange fell $215 to $6,920 per tonne.

Among other industrial metals, aluminium was down $39 to $2,570 per tonne and zinc was $75 lower to $$2,590 per tonne and nickel dropped $1,600 to $31,700 per tonne after going as low as $31,600 earlier in the day.

Tin traded around $17,375/$17,400 per tonne at the close of trade in London, while lead ended the session trading in a range around $3,490/$3,500 per tonne.