Copper prices lower on gains in inventories

Copper prices fell in New York and London Thursday as inventories in warehouses monitored by the London Metal Exchange were up again, leading to continued worries that demand will not revive as hoped.

December copper was 4 cents lower to $2.96 per pound in New York, while three-month contracts on the LME dropped $40 to $6,530 per tonne on the session.

Inventories were up by 5,775 tonnes during the day to 379,825 tonnes.

Aluminium stockpiles, on the other hand, were down by 2,300 tonnes in LME warehouses, sending that metals prices $4 higher to $1,925 per tonne as some analysts forecast that aluminium inventories are already past their peak and on the way down.

Zinc and lead each saw prices drop by $10, to $2,219 per tonne and $2,350 per tonne respectively, while nickel added $140 to $17,760 per tonne in London.

Meanwhile, among precious metals, December gold added $2 to $1,089.30 per troy ounce and December silver was up a cent to $17.41 per troy ounce, but January platinum dropped $6.40 to $1,362.90 per troy ounce.