Copper prices down 20 percent from record

Most metals prices were lower Tuesday as new demand worries emerged for copper and zinc saw gains in inventories.

September copper was down 7 cents to $3.23 per pound in New York trade while three-month copper dropped $170 to $7,160 per tonne in late-afternoon trade in London as investors worried about demand falling further as global economies weaken.

Copper prices are now 20 percent below the record high set last month.

Zinc, meanwhile, was $62 lower to $1,628 per tonne after London Metal Exchange inventories added 5,775 tonnes on the session.

Aluminium fell $60 to $2,772 per tonne while lead was down $165 to $1,760 per tonne and tin dropped $1,050 to $17,700 per tonne.

Nickel bucked the trend, adding $100 to $18,100 per tonne.

Among precious metals, December gold was down $13.70 to $814.60 per troy ounce while September silver fell 14 cents to $14.49 per troy ounce and October platinum dropped $56.70 to $1,478.80 per troy ounce.