Copper drops on demand concerns

Metals prices were lower on Friday.

Among base metals, May copper was down 4 cents to $3.83 per pound in New York after early gains.

Demand concerns drove the declines, with analysts predicting that copper prices will continue to trend downward as the year progresses.

The declines came even though London Metal Exchange inventories dropped by 5.4 percent this week and Shanghai stockpiles were also lower.

Three-month copper in London also declined, dropping $85 to $8,420 per tonne by mid-afternoon in London.

Among precious metals, gold was down $17.50 to $936.50 per troy ounce shortly before the close of floor trade in New York on reduced demand for the metal as a hedge against inflation.

At the same time, May silver was 61 cents lower to $17.94 per troy ounce and July platinum had dropped $9.80 to $2,048.80 per troy ounce.