Copper prices lower on jump in inventories

Most base metals prices were lower Thursday on demand concerns and as inventories of some soared.

December copper added 4 cents to $3.40 per pound in New York while three-month copper was down $120 to $7,535 per tonne after London Metal Exchange inventories added 2,200 tonnes to reach a six-month high and on worries that demand from China will not expand.

Inventories in Shanghai are also expected to grow this week.

Aluminium were also lower after LME inventories added 5,600 tonnes to 1.168 million tonnes, falling $35 to $2,730 per tonne.

Additionally, zinc was down $50 to $1,799 per tonne, tin fell $400 to $20,150 per tonne and nickel dropped $500 to $20,500 on concerns about demand.

Lead, however, added $10 to $2,040 per tonne after going as high as $2,125 per tonne earlier in the session.

Precious metals prices were up, with December gold adding $3.10 to $837.10 per troy ounce as silver was 14 cents higher to $13.71 per troy ounce and October platinum gained $43.50 to $1,484.20 per troy ounce.