Most metals prices fall on dollar, US confidence

Copper prices, and prices for most other metals, fell Tuesday as the US dollar continued to gain and US consumer confidence declined.

December copper fell 1 cent to $3 per pound in New York trade while three-month contracts for the metal on the London Metal Exchange dropped $28 to $6,585 per tonne as stockpiles in LME-monitored warehouses added another 1,800 tonnes to 370.650 tonnes total.

Aluminium prices were down $13 to $1,985 per tonne even though LME inventories were 4,475 tonnes lower on the session, while zinc fell $2 to $2,313 per tonne, lead was $39.50 lower to $2,270.50 per tonne and nickel traded even at $18,650 per tonne after dropping  by as much as $174 earlier in the session.

Tin bucked the declining trend as it added $45 to $15,300 per tonne.

Gold lost ground in New York as investors worried that the US dollar will extend its run of gains, blunting demand for the precious metal as a safer investment.

December gold fell $8 to $1,034.80 per troy ounce while December silver was down 56 cents to $16.54 per troy ounce, January platinum dropped $26.80 to $1,319 per tonne and, in late morning trade in New York, December palladium was $3.10 lower to $330.15 per troy ounce.