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.