Copper, other metals see price declines

Metals prices were lower once again on Wednesday as the dollar strengthened and worries about economic recovery continued.

Copper prices were hurt by a decline in machinery orders in Japan, which fell 3 percent in May from April’s levels and prompted concerns about demand for copper for use in manufacturing.

September copper was down 7 cents to $2.16 per pound in New York trade, while three-month copper dropped $160 to $4,720 per tonne after going $10 per tonne lower than that in trade earlier in the session on the London Metal Exchange.

Aluminium, meanwhile, hit a one-month low at $1,545 per tonne and ended the session $68 below Tuesday’s close to $1,550 per tonne.

Elsewhere, lead was down $45 to $1,610 per tonne in London while at the same time zinc fell $55 to $1,510 per tonne, nickel was $700 lower to $14,950 per tonne and tin dropped $830 to $13,295 per tonne.

Among precious metals, gold was down after a one-day gain Tuesday to close $19.80 lower to $909.30 per troy ounce while September silver was down 37 cents to $12.85 per troy ounce, October platinum fell $34 to $1,101.80 per troy ounce and, earlier in the day, Septebmer palladium dropped $3.65 to $236.85 per troy ounce.