Copper prices fall in London

Copper prices were about even in New York and fell slightly in London on Tuesday as demand by China remained weak ahead of holidays there scheduled to last for a week from 1 October and despite a decline in London Metal Exchange inventories on the session.

December copper was essentially unchanged in New York, trading at $2.73 per pound, while three-month copper  on the LME dropped $29 to $5,980 per tonne despite a decline in stockpiles of 125 tonnes that nonetheless left inventories near their highest levels in four months.

Aluminium prices also fell despite another decline of 2,850 tonnes in LME inventories during the session, dropping $31 to $1,852 per tonne.

Tin went untraded, with its last bids even at $14,400 per tonne while zinc prices were up $5 to $1,883 per tonne, lead added $25 to $2,232 per tonne and nickel gained $395 to $17,145 per tonne.

Gold saw slight gains, with December gold adding 30 cents to $994.40 per troy ounce after earlier declines as prices for the precious metal reacted to gains and losses for the US dollar.

Other precious metals prices fell as December silver fell 2 cents to $16.18 per troy ounce and January platinum was down $12.60 to $1,278.20 per troy ounce.

Earlier, in midmorning trade, December palladium was also lower, dropping $3.30 to $290.60 per troy ounce.