Copper prices fall in New York, rise slightly in London

Copper prices were mixed on Tuesday as September copper traded down a cent to $2.76 per pound in New York but was up slightly to $6,060 per tonne in London after US housing starts were reported down overall in July by the Commerce Department.

Starts on single-family units were said to be up 1.7 percent during the month, but apartment building starts were down.

Construction levels can affect copper prices, since home construction uses the biggest portion of copper in the United States, with over 400 pounds of copper going into the average single-family home.

Most other base metals prices were higher, but nickel dropped 0.5 percent to $19,000 per tonne in London.

Tin added 0.4 percent to $13,970 per tonne while lead and zinc each were up 1.6 percent, to $1,813 per tonne and $1,800 per tonne respectively, and aluminium gained 2.3 percent to $2,005 per tonne.

Precious metals prices were also mixed, with gold higher on a weaker dollar that could boost demand.

Analysts expect the price of gold to shadow equities markets and the price of oil for the time being.

December gold was up $3.40 to $939.20 per troy ounce in New York while October platinum was $9.50 higher to $1,232.10 per troy ounce and September palladium gained $4.60 to $272 per troy ounce, but silver dropped 2 cents to $13.96 per troy ounce on the session.