Copper prices down on new demand concerns

The price of copper fell Monday as investors feared that demand will decline globally, except perhaps in China as well as on concerns that recent price gains were too much.

September copper was down 2 cents to $2.77 per pound in New York after going as high as $2.84 per pound earlier, the metal’s highest price since October first last year, while three-month copper dropped $65 to $6,085 per tonne in London.

Among other base metals, nickel was higher but aluminium, lead, tin, and zinc all saw their price decline in London.

Among precious metals, gold was lower as equities markets in both the United States and London declined and as the US dollar strengthened, falling $12.40 to $947.10 per troy ounce in New York trade for December contracts after going as low as $946.50 per troy ounce earlier in the session.

Gold prices currently rely on speculative demand as physical demand for the metal is currently low.

Besides the decline in gold prices, September silver was down 31 cents to $1,250.90 per troy ounce while October platinum dropped $17.60 to $1,250.990 per troy ounce.