Copper prices fall in London, New York

Most base metals were lower again Wednesday as investors worried about the plan for the US government to bail out the financial sector while business sentiment in Germany declined for the fourth consecutive month as the Ifo business confidence index dropped from 94.8 in August to 92.9 this month.

December copper was down 5 cents to $3.11 per pound in New York, while three-month copper dropped $75 to $6,905 per tonne in London as uncertainties over the US bailout plan and Germany’s falling business sentiment spurred demand worries.

Another gain in aluminium inventories, which added 1,275 tonnes to 1.36 million tonnes, sent prices for the metal down $5 to $2,503 per tonne while lead also fell $5 to $1,995 per tonne and nickel dropped $50 to $17,150 per tonne.

Zinc, on the other hand, added $20 to $1,790 per tonne.

Precious metals prices saw gains on the session, with December gold up $3.80 to $895 per troy ounce while December silver added 27 cents to $13.44 per troy ounce and October platinum gained $13 to $1,225 per troy ounce.