Copper prices hurt by demand concerns

The price of copper dropped Thursday for a second consecutive day on renewed worries that the recession could cut into demand for industrial metals.

The worries were rekindled by dismal numbers regarding how many individuals in the United States are receiving jobless benefits.

In December, that number grew to 4.6 million, the most in 20 years.

March copper dropped 3 cents to $1.48 per pound in New York, while three-month copper on the London Metal Exchange fell $125 to $3,215 per tonne.

Meanwhile, precious metals prices were mixed as gold and platinum saw gains but silver and palladium declined.

February gold added $12.80 to $854.50 per troy ounce in New York as the US dollar declined in relation to the pound, the euro and the yen, making gold look like a good alternative to currencies.

April platinum was also higher, adding $4.50 to $994.60 per troy ounce, but March silver dropped a cent to $11.10 per troy ounce while March palladium fell $2.35 to $198.20 per troy ounce after breaching the $200 level on Wednesday.