Copper falls back from early gains
by Elaine Frei
After being up earlier on the government takeover of US mortgage lenders Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) as investors hoped that the intervention would help the global economy and stimulate growth in home construction, a major consumer of copper, the price of the metal lost its gains to trade even at $3.10 per pound in New York.
Earlier, however, three-month copper added $86 to $6,986 per tonne in London after London Metal Exchange inventories dropped 50 tonnes to 200,825 tonnes.
December gold was also up earlier in New York trade, but at the end of the floor session it had dropped 30 cents from Friday’s close to trade at $802.50 per troy ounce.
Additionally, December silver was down 26 cents to $12.07 in New York, while October platinum dropped $14.90 to $1,352.90 per troy ounce.
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Latest Metals News:
Gold ends session lower in New York, but gains on week Gold prices retreat after setting new intraday high Gold closes at $1,666 per ounce in New York trade Gold prices at new records on disappointing US data Gold prices lower but comes off session lows on manufacturing data Gold sets new intraday, closing highs to end trading week in New York Copper rises; precious metals prices see declines Gold prices drop on profit-taking, stronger US dollar $1,616.80 per troy ounce: Another record high for gold Gold trades as high as $1,624.30 per ounce in New YorkPrevious: « Copper losses pull other metals prices lower
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