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Thursday, November 20, 2008

Base metals see more price declines

Story link: Base metals see more price declines
by Elaine Frei
Base metals see more price declines

Demand concerns sent base metals prices lower again Thursday.

March copper was down 4 cents to $1.57 per pound in afternoon trade in New York while three-month copper fell $110 to $3,480 per tonne in London on inventories in London Metal Exchange warehouses that have increased by nearly 40,000 tonnes just since the beginning of November.

Aluminium and lead, both used in the manufacture of automobiles, were also hurt by uncertainties about the soundness of US automakers.

Inventories of aluminium in LME warehouses were up again, adding 20,850 tonnes on the session to more than 1.72 million tonnes, their highest level in nearly 14 years amid speculation that stockpiles will continue to increase.

Aluminium was down $93 to $1,785 per tonne in London while lead, which is used to make automobile batteries, was down about $45 to trade in a range around $1,185 per tonne.

Zinc was $4 lower to $1,180 per tonne while nickel was down $350 to $9,950 per tonne and tin dropped $605 to $11,300 per tonne.

At just past 1 p.m. in New York, December gold was up $11.80 to $747.80 per troy ounce on the chance that the US Federal Reserve will cut interest rates again, but December silver dropped 27 cents to $9.04 per troy ounce.

Earlier in the session, January platinum was down $13.30 to $823.70 per troy ounce.

 


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