Daily Metal Market News & Metal Prices
 
Daily Metal Prices & Market News
Monday 08th of February 2010
Tuesday, August 26, 2008

Copper prices drop on growing stockpiles

Story link: Copper prices drop on growing stockpiles
by Elaine Frei
Copper prices drop on growing stockpiles

Base metals prices fell Tuesday as gains in the US dollar strengthened versus the euro and as inventories saw gains.

Copper was down 5 cents to $3.42 per pound in New York, while three-month copper dropped $80 to $7,580 per tonne in London as London Metal Exchange stockpiles added 3,100 tonnes during the session to 166,900 tonnes, a gain of 52 percent since May and as it was rumored that Shanghai inventories were also rising.

Aluminium prices fell by $12 to $2,768 per tonne while lead was down $30 to $1,855 per tonne, zinc fell $40 to $1,790 per tonne, tin was around $200 lower to $20,700 and nickel dropped $770 to $20,030.

On the other hand, precious metals prices were higher.

December gold added $1.80 to $827.50 per troy ounce while December silver jumped 19 cents to $13.67 per troy ounce after oil prices saw gains as investors looked for places to protect their money from inflation.

 

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