Weak euro sends metals prices lower

Metals prices fell Friday as the US dollar strengthened over the euro, crude oil prices dropped again, and it looked as if Japan is about to enter a recession.

September copper was down 9 cents to $3.33 per pound in New York while three-month copper dropped $255 to $7,410 per tonne in London after going as low as $7,350 earlier in the session.

Other base metals also saw declines as zinc traded down at $1,663 per tonne, aluminium fell $68 to $2,850 per tonne, lead was $151 lower to $1,974 per tonne and nickel dropped $800 to $18,050 per tonne.

Meanwhile, among precious metals, gold was down for the sixth consecutive session on the currency situation as well as on a lowered price forecast from UBS (NYSE: UBS; SWX: UBSN; TYO: 8657), which took its estimate of the price of gold in three months down by $150 per troy ounce.

December gold was down $12.40 to $865 per troy ounce just before the close of floor trade in New York, while September silver was 94 cents lower to $15.32 per troy ounce and October platinum dropped $23 to $1,559.60 per troy ounce.