Copper, aluminium, nickel prices all lower

Prices for base metals were mixed again on Wednesday, with copper again declining and zinc again seeing gains.

Copper prices fell on fears that Tuesday’s interest rate cut by the US Federal Reserve will not be enough to expand the US economy and boost demand for the metal, but losses were cut after the announcement from several central banks that they would cooperate in injecting more cash into the banking system.

March copper dropped 5 cents to $3.04 per pound in New York, while in London three-month copper dropped $99 to $6,720 per tonne in London after going as low as $6,570 per tonne earlier in the session.

Other decliners included aluminium, which dropped $3 to $2,457 per tonne.

Nickel dropped $400 to $26,300 per tonne.

Tin traded even at $16,705 per tonne, while zinc added $30 to $2,460 per tonne and lead was up $50 to $2,570 per tonne.