Copper prices fall on sentiment

Metals prices were lower Monday, following crude oil prices and equities markets lower.

Copper declined even though the New York Federal Reserve reported that manufacturing in the New York region was up in July, expanding rather than contracting for the first time in over a year, as the dollar strengthened and investors reacted to last week’s new data on US consumer confidence.

September copper was down 7 cents to $2.77 per pound in New York trade, while three-month copper fell $190 to $6,050 per tonne on the London Metal Exchange as LME inventories added 1,175 tonnes during the day to 294,050 tonnes.

Nickel inventories were up as well, adding 210 tonnes to 108,366 tonnes to send prices for three-month contracts down $600 to $18,900 per tonne, while aluminium prices dropped $30 to $1,960 per tonne as stockpiles dropped 5,075 tonnes but remained near record highs at over 4.5 million tonnes in storage.

Zinc was down $55 to $1,770 per tonne, lead fell $82 to $1,780 per tonne and tin dropped $545 to $13,905 per tonne.

Precious metals prices dropped, as well.

December gold was down $12.990 to $935.80 per troy ounce in New York trade on the dollar’s strength, while September silver fell 75 cents to $13.98 per troy ounce, October platinum was $39.10 lower to $1,222.60 per troy ounce and in earlier, morning trade September palladium dropped $5.25 to $272 per troy ounce.