Copper prices drop on China imports data
by Elaine Frei
Copper prices dropped Wednesday on new data showing that China’s copper imports dropped by 19 percent in January, from December’s numbers.
The drop in imports into the world’s biggest consumer of copper painted a picture of a continuing global decline in demand for the metal.
March copper was down 4 cents to $1.54 per pound in New York, while three-month copper dropped $26 to $3,459 per tonne, or $1.57 per pound, on the London Metal Exchange.
Precious metals prices, on the other hand, saw significant gains on fears that the newly announced US plan to revive banks there will not be enough to pull the economy out of its recession.
The gains came as investors looked for safe places to put their cash.
Gold added $30.30 to $944.50 per troy ounce in New York, its highest price since last July, while March silver was up 39 cents to $13.52 per troy ounce and April platinum jumped $45.80 to $1,074 per troy ounce.
Those were the highest prices for silver and platinum in four months.
Related posts to: Copper prices drop on China imports data
Copper prices drop on China data ...
Copper prices drop on China trade deficit increase ...
Copper gains on China imports figures ...
Copper falls in London, sees gain in New York ...
Copper gains on China imports, US new home sales ...
Latest Metals News:Gold ends session lower in New York, but gains on week
Gold prices retreat after setting new intraday high
Gold closes at $1,666 per ounce in New York trade
Gold prices at new records on disappointing US data
Gold prices lower but comes off session lows on manufacturing data
Gold sets new intraday, closing highs to end trading week in New York
Copper rises; precious metals prices see declines
Gold prices drop on profit-taking, stronger US dollar
$1,616.80 per troy ounce: Another record high for gold
Gold trades as high as $1,624.30 per ounce in New York
Previous: « Gold gains on inflation fears
Next: Copper, nickel prices drop on gains in inventories »
Visited 4456 times, 1 so far today