Copper prices fall on profit-taking

Metals prices were lower Friday as the US dollar strengthened and as crude oil prices also fell.

December copper was down 8 cents to $3.46 per pound in New York while three-month copper dropped $205 to $7,660 per tonne in London as investors took profits after the metal, used in construction, added around 5 percent Thursday.

London Metal Exchange inventories were up while stockpiles in Shanghai declined as expected.

There are some expectations that demand from China, which has been soft recently, will improve as the Olympic Games come to an end this weekend in Beijing and the government begins to loosen up on manufacturing closures that were meant to improve the city’s air quality, but it could be October before demand comes back as Beijing hosts the Paralympic Games in September.

Among other metals used in industry, lead was down $20 to $1,885 per tonne, zinc fell $50 to $1,830 per tonne, aluminium was $68 lower to $2,780 per tonne, and nickel dropped about $700 to trade in a range around $20,800/$20,900 per tonne.

Precious metals also saw price declines as December gold fell $6 to $822 per troy ounce while December silver dropped 28 cents to $13.56 per troy ounce.