Copper, aluminium prices down on inventories, stronger dollar

Base metals prices were mostly lower again Friday as the US dollar strengthened and fears of recession grew.

December copper was 12 cents lower to $1.69 per pound in New York while three-month copper on the London Metal Exchange fell $265 to $3,775 per tonne, bringing copper’s decline this week to more than 20 percent, while aluminium dropped $31 to $1,975 per tonne in London.

The declines for copper and aluminium came as copper added 2,725 tonnes to LME inventories and aluminium stockpiles jumped by 2,875 tonnes on the session.

Among other base metals, lead dropped $1 to $1,270 per tonne while zinc was down $35 to $1,165 per tonne and tin fell $250 to $11,750 per tonne but nickel added $650 to $10,000 per tonne but was still down more than 60 percent on the year so far.

December gold added $16.30 to $730 per troy ounce in New York trade as equities markets plummeted, making the precious metal look like a safer place to put money.

On the other hand, December silver was down 22 cents to $9.28 per troy ounce while January platinum dropped $10.30 to $802.30 per troy ounce, also in New York.