Daily Metal Market News & Metal Prices
 
Daily Metal Prices & Market News
Wednesday 22nd of October 2014
Thursday, February 12, 2009

Copper, nickel prices drop on gains in inventories

Copper, nickel prices drop on gains in inventories

Most base metals prices were lower again on Thursday, with investors still worried that demand will continue to deteriorate as inventories of some metals were up again.

March copper was down  less than a cent to $1.54 per pound at noon in New York but had pulled back from bigger declines earlier on new data showing that US retail sales were up by 1 percent in January.

Meanwhile, three-month copper dropped $39 to $3,420 per tonne on the London Metal Exchange as inventories in LME warehouses added 225 tonnes during the session to 516,675 tonnes.

Stockpiles of copper kept in LME warehouses have added 52 percent since the beginning of the year.

In afternoon trade in London, three-month nickel had dropped $198 to $10,207 per tonne as LME inventories were up 576 tonnes to  88,728 tonnes, their highest level in over thirteen years.

Aluminium was also lower, falling $21 to $1,380 per tonne after gains earlier in the session, as inventories remained at record highs at 2.9 million tonnes.

Among other base metals, lead was $27 lower to $1,143 per tonne and zinc was down $28.75 to $1,143.25 per tonne, but tin added $295 to $11,195 per tonne after inventories dropped by 50 tonnes during the session.

Precious metals prices were mixed in New York in early afternoon trade as April gold added $4 to $948.50 per troy ounce and April platinum had gained $2.30 to $1,083 per troy ounce but March silver was 4.5 cents lower to $13.47 per troy ounce.

Gold reached $952 per troy ounce earlier in the session, its highest price since July 22, as investors saw it as a safe haven in troubled economic times.

 


Related posts to: Copper, nickel prices drop on gains in inventories

Gold prices up 0.2 percent ...

Base metals prices mixed on news, inventories ...

Gold prices drop slightly on data ...

Metals prices lower; zinc inventories decline ...

Nickel inventories drop further; prices still decline ...

Latest Metals News:

Latest News  Gold ends session lower in New York, but gains on week

Latest News  Gold prices retreat after setting new intraday high

Latest News  Gold closes at $1,666 per ounce in New York trade

Latest News  Gold prices at new records on disappointing US data

Latest News  Gold prices lower but comes off session lows on manufacturing data

Latest News  Gold sets new intraday, closing highs to end trading week in New York

Latest News  Copper rises; precious metals prices see declines

Latest News  Gold prices drop on profit-taking, stronger US dollar

Latest News  $1,616.80 per troy ounce: Another record high for gold

Latest News  Gold trades as high as $1,624.30 per ounce in New York


Previous: «
Next: »

Visited 5253 times, 1 so far today

Gold ($/troy ounce):

Silver ($/troy ounce):

Platinum ($/troy ounce):