Copper drops as other metals prices remain mixed

Copper prices were lower Thursday after China said it will cut oversupply after adding to inventories earlier in the year was one of the main drivers sending copper prices up in the past months.

Also sending prices lower was a gain of 1,150 tonnes in London Metal Exchange stockpiles higher during the session.

Decmeber copper was down a cent to $2.87 per pound in New York trade, while three-month copper was $16 lower to $6,275 per tonne in London.

Other base metals prices were mixed as aluminium added $16 to $1,884 per tonne and tin was up $170 to $13,995 per tonne in London, but zinc fell $15 to $1,831 per tonne, lead was down $40 to $2,010 per tonne and nickel, which is used in the manufacture of steel, dropped $170 to $18,755 per tonne on the session.

Among precious metals, December gold added $1.50 to $947.30 per troy ounce in New York trade and October platinum was up $2.10 to $1,240.50 per troy ounce, but December silver dropped 4 cents to $14.25 per troy ounce.