Copper prices drop in London, New York

Copper prices were lower Tuesday after having added 14 percent in the past two sessions on hopes that demand might revive.

Gains in London Metal Exchange stockpiles of 2.8 percent on the session today to more than 451,800 tonnes, the highest level in 5 years, had the effect of dampening that optimism.

Also hurting prices was another dip in US consumer sentiment as the Conference Board reported that a survey of 5,000 US households showed that confidence dropped to 37.7 in January from 38.6 in December against an expected rise to 39.

Consumers in the United States remain pessimistic about both short and long-term prospects, the survey showed.

March copper was down 10 cents to $1.49 per pound, while three month copper was down $265 to $3,290 per tonne in London.

Meanwhile, most precious metals prices also fell.

While March silver added 7 cents to $12.18 per troy ounce in New York trade, April gold dropped $8.70 to $902 per troy ounce and April platinum fell $15.70 to $957 per troy ounce.