Copper declines after record high in London

Prices for base metals fell Thursday after early gains.

May copper dropped 8 cents to $3.90 per pound in New York after going as high as $4.02 per pound earlier in the session, while three-month copper dropped $130 to $8,560 per tonne in London after it soared to a new high at $8,820 per tonne earlier.

The declines came on profit taking even though London Metal Exchange inventories dropped by 2,350 tonnes during the day.

Nickel prices were also down after gaining earlier in the session, closing at $33,000 per tonne, a decline of $400 dollars after touching a seven-month high at $35,150 per tonne.

Tin was $100 lower to $19,150 per tonne while lead was down $110 to $3,240 per tonne and zinc fell $115 to $2,700.

Aluminium traded even at $3,208 per tonne.