Copper prices drop despite new import data from China

Copper prices were lower Tuesday, hurt by a stronger US dollar and London Metal Exchange-monitored inventories which continue to grow.

In New York trade, March copper was 2 cents lower to $3.14 per pound, while in London three-month contracts for the metal used in manufacturing and construction dropped $59 to $6,331 per tonne as inventories added 1,450 tonnes to 480,900 tonnes, their highest level in 8 months.

Even the news that China’s imports of refined copper were at 194,388 tonnes in November, 15 percent more than in October, didn’t help prices rise.

Inventories of nickel were higher as well, adding 114 tonnes in LME warehouses to 150,612 tonnes, just over 600 tonnes below the record high set 15 years ago, sending the price of nickel down $150 to $17,750 per tonne.

Aluminium prices dropped $26 to $2,242 per tonne as inventories dropped but remained near record highs.

In other base metals, zinc was down $4 to $2,434 per tonne while lead fell $14 to $2,306 per tonne and tin declined $75 to $15,825 per tonne.

Meanwhile, among precious metals, February gold was down $9.30 to $1,086.70 per troy ounce in New York trade, while March silver dropped 4 cents to $17 per troy ounce.