Copper, other base metals see price declines

The price of copper saw its biggest one-day decline in almost 2 months Monday as the US dollar gained ground, cutting demand for metals.

July copper was down 9 cents to $2.11 per pound in New York, while three-month copper was $225 lower to $4,580 per tonne in afternoon trade on the London Metal Exchange, a decline of 4.7 percent, after going as low as $4,565 earlier in the session.

Other industrial metals were also lower in London, with lead leading declines as it lost 5.9 percent of its value to $1,463 per tonne while nickel was 5.7 percent lower to $12,090 per tonne and zinc dropped 5 percent to $1,480 per tonne.

Aluminium traded at $1,445 per tonne and tin was at $12,000 per tonne as both also declined in the session.

Among precious metals, June gold added $19.60 to $887.50 per troy ounce in New York, but May silver was 47 cents lower to $11.79 per troy ounce and July platinum dropped $44.50 to $1,167.10 per troy ounce.