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.
Add to Bookmarks:
Related posts to: Copper drops on home sales data
Copper gains on China imports, US new home sales ...
Copper drops on housing data ...
Gold prices rise as most other metals decline ...
Economic news boosts base metals ...
Metals prices mixed in slow trade ...
Latest Metals News:
Copper losses pull other metals prices lower Xstrata increases stake in Indophil BHP fatality closes Australian iron ore mines Palladium gains as other precious metals see declines EU halts investigations into BHP’s bid for Rio Aluminium falls amid gains for other base metals Lomin rejects Xstrata bid but leaves door ajar Metals drop with crude oil prices Antofagasta forges ahead despite rising costs Copper prices lower on jump in inventoriesPrevious: « New York gold gains on mixed day for metals
Next: Gold falls on session, ends year higher »
Visited 499 times, 2 so far today