Copper, other metals continue price declines

Copper prices were down significantly again Thursday as the euro fell in relation to the dollar on concerns about soaring debt in some European nations.

March copper was down 9 cents to $2.88 per pound in New York trade, while three-month contracts for the metal used in construction and manufacturing were dropped $200 to $6,390 per tonne on the London Metal Exchange.

The declines came even though stockpiles in LME-monitored warehouses fell by 1,050 tonnes during the session.

Analysts expect trade in copper to remain weak until after market closures in China and some other Asian nations in observation of New Year festivities, which will shut some markets in the region for several days later this month.

Among other base metals traded in London, aluminium was down $38 to $2,045 per tonne, lead fell $55.50 to $1,964.50 per tonne, zinc was $74 lower to $2,021 per tonne and nickel dropped $470 to $17,725 per tonne.

Precious metals prices were also down substantially as April gold fell $48 to $1,064 per troy ounce in New York, March silver was down 99 cents to $15.33 per troy ounce and April platinum dropped $65.20 to $1,511 per troy ounce