Copper drops in New York on demand concerns

September copper was 4 cents lower to $2.48 per pound in New York trade on Wednesday as demand worries reasserted themselves.

There are concerns that demand will decline again on the possibility that recent stockpile building in China has resulted in that nation holding more of the metal than it can use in new construction and manufacturing.

Analysts also worry that demand created by stimulus spending in China will not be able to balance declines in other regions of the world.

Gold also declined, hurt by a strengthening dollar that made gold look like a less attractive investment, while prices were also pushed lower by a decline in US durable goods orders, which were down 2.5 percent in June after rising by a revised 1.3 percent in May.

December gold was $12 lower to $929.70 per troy ounce in New York trade, September silver fell 48 cents to $13.26 per troy ounce, October platinum was down $24.40 per troy ounce to $1,172.20 per troy ounce, while earlier, in late morning trade, September palladium dropped $4.50 to $255.50 per troy ounce.