Copper prices drop in New York, London

Most base metals prices plummeted again Thursday on continuing worries that demand will decline on a weakening economy, especially after the Philadelphia Federal Reserve reported that factory output in the region was at an 18-year low this month.

December copper dropped 13 cents to $2.09 per pound in New York and three-month copper dropped $260 to $4,660 per tonne in London after dropping to a 33-month low of $4,545 per tonne earlier in the session.

Zinc was down $140 to $1,180 per tonne while lead dropped $155 to $1,360 per tonne, tin was about $550 lower to trade in a range between $13,400/$13,500 per tonne at the close in London, and nickel fell $1,005 to $10,950 per tonne.

The exception was aluminium, which added $10 to $2,180 per tonne after falling earlier in the session.

Precious metals prices plummeted as investors sold their holdings to cover losses elsewhere.

December gold was down $34.50 to $804.50 per troy ounce in New York trade, while December silver fell 55 cents to $9.64 per troy ounce and January platinum dropped $83.90 to $891.30 per troy ounce.