Copper little changed on Mid-Atlantic region manufacturing data

Metals prices were mixed Thursday.

September copper was nearly unchanged in New York trade at $2.39 per pound while three-month copper dropped $3 to $5,260 per tonne on the London Metal Exchange after going as low as $5,163 per tonne earlier in the session.

The slight decline came on new data showing contraction in manufacturing activity in the US Mid-Atlantic region for the tenth month in a row and after the US dollar strengthened, and even though LME stockpiles of the metal used in manufacturing and construction dropped 225 tonnes to 260,875 tonnes during the session.

Lead was $15 lower to $1,620 per tonne in London, while nickel added $160 to $16,100 per tonne.

Aluminium, zinc and tin all went untraded at the close but bids earlier in the day had zinc up $7 to $1,549 per tonne while aluminium last bid up $35 to $1,690 per tonne and tin’s last recorded bid was $275 higher to $13,025 per tonne.

Among precious metals, platinum gained after Goldman Sachs (NYSE: GS) issued a “buy” recommendation on January futures.

October platinum was $11.40 higher to $1,169.30 per troy ounce in New York trade, while in midday trade September palladium had added $1.60 to $250 per troy ounce.

August gold was down $4 to $935.40 per troy ounce but September silver added 3 cents to $13.24 per troy ounce.