Aluminium down on rising inventories, weak demand
by Elaine Frei
Metals prices were lower Wednesday, pushed lower by more declines in the price of crude oil.
Aluminium was $90 lower to $3,125 per tonne and went as low as $3,083 per tonne on rising inventories and on weak demand for carmakers after London Metal Exchange stockpiles added 24,825 tonnes to 1.115 million tonnes.
September copper dropped 5 cents to $3.65 per pound in New York and three-month copper on the LME was down $35 to $8,080 per tonne on concerns about demand from China, while zinc was $49 lower to $1,795 per tonne on the possibility that some smelters in China could cut production.
Lead was down $25 to $1,965 per tonne while nickel dropped $450 to $20,400 per tonne.
Precious metals were also lower as August gold was $16 lower to $962.70 per troy ounce in New York, while September silver fell 21 cents to $18.18 per troy ounce and October platinum dropped $43.50 to $1,938.40 per troy ounce.
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