Demand, price worries send copper prices lower

The price of copper fell Wednesday as new concerns were raised about short-term demand and prices that might be higher than they should be based on fundamental considerations.

Prices also fell after London Metal Exchange inventories of the metal used in manufacturing and construction added 1,250 tonnes to 316,800 tonnes to the highest level in four months.

December copper was down 3 cents to $2.92 per pound in New York, while three-month copper in London fell $69 to $6,415 per tonne after earlier going as low as $6,355.75 per tonne.

Among other base metals, aluminium dropped $7 to $1,888 per tonne while lead fell $50 to $2,405 per tonne, nickel was down $100 to $17,950 per tonne and the final bids for tin were down slightly to a range around $14,700/$14,800 per tonne.

Zinc, meanwhile, held steady at $1,980 per tonne.

Precious metals prices were mixed as October platinum added $1.80 to $1,289 per troy ounce but December gold was down $2.70 to $997.10 per troy ounce and December silver dropped 4 cents to $16.47 per troy ounce.