Copper prices fall on demand worries

Copper prices fell Monday after Deutsche Bank (FWB: DBK; NYSE: DB) predicted that demand for the metal used in manufacturing and construction will fall 3.9 percent this year and that supply will top demand both this year and next.

In addition, there are indications that copper imports into China, which were up earlier in the year, will slow down in July and August.

September copper fell 4 cents to $2.26 per pound in New York trade, while three-month copper dropped 1.7 percent to $4,896.50 per tonne on the London Metal Exchange.

Aluminium prices were 0.2 percent lower to $1.589 per tonne in London, but aluminium alloy managed to gain 0.7 percent to $1,435 per tonne while nickel dropped 3.9 percent to $15,570 per tonne.

Among precious metals, gold fell as the dollar strengthened and oil prices fell over demand concerns.

August gold was down $6.70 to $924.30 per troy ounce while September silver fell 18 cents to $13.23 per troy ounce and October platinum dropped $46.30 to $1,147 per troy ounce.