Copper prices fall on manufacturing data

Copper prices were lower Tuesday on continuing concerns that demand for the metal will decline more after new data showed that manufacturing activity in the New York region of the United States contracted faster than it ever has before in February.

May copper was 11 cents lower to $1.44 per pound in New York, while three-month copper was down $115 to $3,215 per tonne on the London Metal Exchange.

Also hurting the price of copper were pleas from carmakers to the US Treasury for more bailout money.

Precious metals, however, were higher on the session as investors worried that currencies will lose value as governments spend more money trying to right the economy and as interest rates continue at or near historic lows.

Interest rates in Japan and the United States are near zero, while UK interest rates are as low as they’ve ever been at 1 percent.

April gold added $25.30 to $967.50 per troy ounce in New York while at the same time March silver was up 39 cents to $14.01 per troy ounce and April platinum was $37.30 higher to $1,098.30 per troy ounce.

In late morning trade, March palladium had added $2.50 to $219 per troy ounce.