Copper drops 17 cents in New York

Most metals prices were lower Monday ahead of the US House of Representatives vote ultimately that turned down a proposal to bail out the US financial sector.

December copper was down 17 cents to $2.91 per pound in afternoon trade in New York while three-month copper was down $335 to $6,440 per tonne in London as investors sold off commodities amid worries about the direction of the global economy and continuing demand concerns.

Aluminium dropped $52 to $2,442 per tonne while zinc was down $77 to $1,693 per tonne, lead was $130 lower to $1,830 per tonne, tin fell about $300 to $18,105 per tonne, and nickel dropped $600 to $16,400.

Among precious metals, December gold was up $5.90 to $894.40 per troy ounce in New York, but December silver was 49 cents lower to $13.01 per troy ounce and January platinum dropped $38.20 to $1,084.90 per troy ounce.