Copper down amid mixed base metals prices

Base metals prices were mixed Tuesday, with copper down slightly despite positive news for the metal’s prospects.

May contracts for copper in New York were down less than a cent to $3.37 per pound and three-month copper fell $10 to $7,440 per tonne on the London Metal Exchange after going as high as $7,515 per tonne earlier in the session on reports that existing home sales in the United States were not down as much as expected in February.

Additionally, new data showed that China imported 12 percent more refined copper in February, while LME inventories have fallen by more than 30,000 tonnes since the beginning of March, helping ease concerns about slowdowns in demand..

Other declines in prices came for zinc, which was down $37 to $2,240 per tonne while lead dropped $61 to $2,104 per tonne.

Aluminium, on the other hand, added $1 to $2,256 per tonne as a report said Aluminnium Corporation of China Ltd. (SEHK: 2600; SSE: 601600; NYSE: ACH) has forecast that aluminium demand in China will likely grow by 20 percent or more this year.

Tin prices were up $100 to $17,650 per tonne while nickel gained $220 to $22,495 per tonne.

Precious metals prices were higher in New York as gold added $2.30 to $1,101.80 per troy ounce while silver was up around 5 cents to $16.99 per troy ounce and platinum gained $8 to $1,607.80 per troy ounce.