Demand worries again send copper prices lower

Copper prices fell in New York and London Tuesday as investors continued to worry that demand will decline more as the economy falls further into recession.

March copper was down 2 cents to $150 per pound in afternoon trade in New York while three-month copper dropped $95 to $3,336 per tonne on the London Metal Exchange.

Copper’s price on the LME has lost well over half its value since it reached its record peak at almost $9,000 per tonne last 2 July.

Among precious metals, gold saw gains even though the US dollar strengthened as fears of a deeper recession led investors to look to gold as a safe place to put their money.

February gold added $15.30 to $855.20 per troy ounce around the end of floor trade in New York, but March silver lost earlier gains to fall 4 cents to $11.18 per troy ounce in afternoon trade while April platinum dropped $4 to $945.50 per troy ounce in afternoon trade.