Daily Metal Market News & Metal Prices
 
Daily Metal Prices & Market News
Friday 03rd of September 2010
Thursday, October 30, 2008

Copper drops 20 cents per pound in New York trade

Copper drops 20 cents per pound in New York trade

Copper prices fell sharply Thursday on a stronger dollar and gains in stockpiles of the metal in London Metal Exchange warehouses.

December copper was down 20 cents to $1.89 per pound in New York while three-month copper dropped $445 to $4,210 per tonne after gaining over 12 percent on Wednesday as LME inventories added 6,575 tonnes to 223,875 tonnes.

Also hurting copper prices was a new report from the US Commerce Department showing that the gross national product there contracted in the third quarter.

In other base metals, lead was down $60 to $1,520 per tonne while aluminium fell $86 to $2,065 per tonne, zinc was $100 lower to $1,160 per tonne and nickel dropped $1,740 to $11,900 per tonne.

Zinc’s decline was also tied to rising stockpiles, which stood at 182,100 tonnes in LME warehouses.

Meanwhile among precious metals, December gold dropped $15.50 to $738.50 per troy ounce in New York trade while December silver ropped 2 cents to $9.79 per troy ounce but January platinum jumped $14 to $830.60.

 

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