Daily Metal Market News & Metal Prices
 
Daily Metal Prices & Market News
Sunday 14th of March 2010
Wednesday, September 17, 2008

Copper lower on decline in US housing starts

Copper lower on decline in US housing starts

Precious metals prices were up Wednesday, but copper declined as the Commerce Department reported that US housing starts dropped by 6.2 percent in August, to the lowest level in over 17 years.

At the same time building permits, which are a gauge of future construction declined even more, dropping 8.9 percent in the month.

The construction industry is the biggest consumer of copper in the United States.

December copper ended the New York session with a decline of 5 cents to $3.04 per pound, while three-month copper was down $110 to $6,760 per tonne on the London Metal Exchange even though LME inventories dropped 1,350 tonnes to 203,975 tonnes.

Meanwhile, gold jumped $70 to $850.50 per troy ounce in New York on demand as a safe place to put money.

Investors are worried that the credit crisis will get worse and more financial groups will go the way of Lehman Brothers (NYSE: LEH), which declared bankruptcy earlier in the week.

Silver had its biggest one-day gain since 1995, adding $1.16 to $11.68 per troy ounce while October platinum gained $17.80 to $1,086.30 per troy ounce.

 

Add to Bookmarks:

ADD TO NETSCAPE     ADD TO DEL.ICIO.US     ADD TO DIGG     ADD TO FURL

ADD TO STUMBLEUPON     ADD TO YAHOO MYWEB     ADD TO GOOGLE     ADD TO SPURL


Related posts to: Copper lower on decline in US housing starts

Base metals mixed; precious metals see gains ...

Copper prices lower on China news, US housing starts ...

Most base metals prices gain ...

Copper prices fall in New York, rise slightly in London ...

Copper drops 23 cents per pound in New York ...

Latest Metals News:

Latest News  Copper, aluminium prices climb as other base metals fall

Latest News  Copper up in London; inventories fall, cancelled warrants rise

Latest News  Copper gains on US jobs data, China comments

Latest News  Copper up on weaker dollar

Latest News  Copper prices climb after Chile quake

Latest News  Metals prices mixed in New York, London

Latest News  Gold down slightly in NY on stronger dollar

Latest News  Copper prices up after last week’s declines

Latest News  Copper, other metals continue price declines

Latest News  Copper in big declines on economic concerns


Previous: «
Next: »

Visited 2718 times, 4 so far today

Gold ($/troy ounce):

Silver ($/troy ounce):

Platinum ($/troy ounce):