Base metals back to declines

After a day of gains yesterday, base metals prices dropped again on Wednesday as investors worried about a contracting economy and consequent slowing of demand for metals to build houses, make cars, and manufacture other consumer goods.

Prices fell after reports showing that retail sales were down in September in the United States and that manufacturing activity declined in the New York region.

December copper fell 18 cents to $2.21 per pound in New York trade, while three-month copper dropped $378 to $4,920 per tonne on the London Metal Exchange.

Copper prices are now down 40 percent since they hit an all-time record high in July.

Among other industrial metals, zinc was down $90 to $1,320 per tonne in London, while aluminium was $112 lower to $2,170 per tonne, lead fell $125 to $1,515 per tonne, nickel was down $845 to $11,955 per tonne and tin dropped $945 to $14,050 per tonne.

After rising on its safe haven status earlier in the session, December gold was 50 cents lower to $839 per troy ounce in afternoon trade in New York, while December silver was down 88 cents to $10.18 per troy ounce and January platinum dropped $68.40 to $975.20 per troy ounce.