Copper drops on home sales data
by Elaine Frei
The price of March copper dropped in New York on Friday after new data from the US Commerce Department that new home sales were down 9 percent in November.
The metal, whose biggest US consumer is the building industry, dropped 6 cents to $3.07 per pound for its second consecutive day of declines as investors feared that demand will continue to diminish.
Precious metals prices, however, were higher in New York.
February gold added $10.90 to $842.70 per troy ounce as the US dollar weakened versus the euro and unrest continued in Pakistan.
Gold prices have gained over 30 percent this year and look to be headed for their biggest yearly gain in almost 30 years.
March silver also saw gains, adding 8 cents to $14.90 per troy ounce, while April platinum gained $2.90 to $1,539.50 per troy ounce.
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