Most base, precious metals prices decline

Most metals prices fell Tuesday as the US dollar strengthened, oil prices declined, and there were worries about slow demand for several of the metals.

September copper was down 2 cents to $3.59 per pound in New York while three-month copper in London dropped $50 to $7,945 per tonne even though London Metal Exchange stockpiles remain at historically low levels despite gaining 12 percent since May.

The recently rising inventories have triggered worries about slow demand, especially from big consumer China.

Aluminium inventories were also up in London, adding 840 tonnes to over 1.1 million tonnes, a four-year high, sending prices down $57 to $2,960 per tonne.

Lead stockpiles, meanwhile, continued to drop, falling 1,450 tonnes on the session to 89,275 tonnes, sending the price for the metal as high as $2,293.75 during the day before falling back to $2,270 per tonne, up only $40.

Otherwise, metals prices followed copper and aluminium lower, with zinc down $55 to $1,870 per tonne while nickel dropped $700 to $18,050 per tonne on slow demand.

Tin traded at around $22,360/$22.380 per tonne at the close, down nearly $200 from Monday’s prices.

Among precious metals, December gold was down $11.20 to $926.60 per troy ounce while September silver fell 9 cents to $17.38 per troy ounce and October platinum dropped $31.30 to $1,745.40 per troy ounce.