Daily Metal Market News & Metal Prices
 
Daily Metal Prices & Market News
Tuesday 02nd of December 2008
Friday, September 5, 2008

Copper losses pull other metals prices lower

Copper losses pull other metals prices lower

Copper prices were lower Friday, triggering a decline in other base metals prices, while most precious metals prices were also down on the session.

December copper was 17 cents lower to $3.10 per pound in New York, while three-month copper was down $326 to $6,900 per tonne in London on demand worries caused by gains in US unemployment in August.

Also hurting prices was a gain of 18,775 tonnes in London Metal Exchange warehouse inventories, the biggest one-day jump in copper stockpiles in four years, to over 200,000 tonnes.

Shanghai copper inventories were also up.

Aluminium was down $30 to $2,647 per tonne while lead fell $86 to $1,805 per tonne, zinc was $141 lower to $1,750 per tonne, nickel dropped $800 to $18,600 per tonne and tin plummeted by approximately $1000 to trade in a range around $18,350/$18,400 per tonne.

Most precious metals prices also declined, but December gold ended the floor session in New York with a gain of 30 cents to $803.50 per troy ounce.

December silver was 62 cents lower to $12.33 per troy ounce, while October platinum dropped $34.40 to $1,367 per troy ounce.

 

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