Copper prices down on dollar, demand

The price of copper fell Thursday on a stronger dollar which reduced demand for the metal as an inflation hedge and after imports to China were reported lower last month.

Copper imports to China were said to be down 20 percent in June from May levels as most construction projects ahead of the Olympics have been completed.

September copper was down 8 cents to $3.58 per pound and was as low as $3.55 per pound earlier in the session in New York, while three-month copper dropped $50 to $8,030 per tonne, or $3.65 per pound) in London as inventories on the London Metal Exchange rose to 130,875 tonnes, their highest level since 10 March.

Among precious metals, meanwhile, August gold traded 10 cents lower to $922.70 per troy ounce at last report, while September silver was down 16 cents to $17.30 per troy ounce and October platinum had dropped $47 to $1,713.80 per troy ounce.