Base, precious metals trade lower

Base metals prices were lower Tuesday on a lower dollar as it was reported that US consumer confidence made a comeback in April

Also hurting metals prices, and especially copper, were fears that demand could falter on a spread of the swine flu outbreak.

July copper was down 7 cents to $1.92 per pound in New York trade, while three-month copper fell $130 to $4,220 per tonne after going as low as $4,158 per tonne earlier in the session on the London Metal Exchange.

Other base metals also lost ground in London.

Aluminium was $10 lower to $1,436 per tonne, but declines were low considering that LME stockpiles of the metal added 24,650 tonnes to a new record of over 3.7 million tonnes in inventories.

Zinc was down $31 to $1341 per tonne, lead fell $68 to $1,292 per tonne, nickel was $455 lower to $10,920 per tonne, and tin dropped $500 to $11,900 per tonne.

Precious metals prices were also down on the session.

June gold was $14.90 lower to $893.30 per troy ounce after trading even lower at $891.20 per troy ounce during the morning session on fears that the swine flu outbreak could slow economic recover and reduce demand for the precious metal.

July platinum was also lower earlier in the day, falling more than $62 per troy ounce at one point before settling at a decline of $48.70 to $1,101.60 per troy ounce, while in late morning trade June palladium was $11.50 lower to $217.45 per troy ounce.

July silver fell 56 cents to $12.43 per troy ounce.