LME copper inventories up 90 percent since July

Base metals prices were mixed on Tuesday.

Copper prices held nearly steady, losing less than half a cent to $3.09 per pound in New York trade after falling more than 2 percent earlier in the session, while three-month copper in London dropped $5 to $6,820 per tonne, or $3.09 per pound.

London Metal Exchange copper inventories added 2,725 tonnes on the session to 191,200 tonnes, a gain of over 90 percent since mid-July.

Stockpiles of the metal have been rising due to declining demand in the United States as the housing sector has continued to suffer, but analysts point out that demand also traditionally declines at this time of year.

Elsewhere among base metals, lead dropped $20 to $2,520 per tonne on the news that a government environmental body in Australia has said that plans by a Canadian company to export lead through Fremantle likely wouldn’t trigger any safety issues, raising the prospect of more of the metal entering the market.

Aluminium dropped $2 to $2,460 per tonne, while tin traded even at $16,705 per tonne.

Zinc added $45 to $2,430 per tonne, while nickel prices were $400 higher to $26,700 per tonne.