Most base metals prices fall on London session

Metals prices were mixed Wednesday, with most base metals prices lower while precious metals saw gains.

Copper prices fell as traders and analysts questioned the sustainability of prices around $8,000 per tonne despite some recent data that encouraged hopes for demand growth as questions persisted about the extent and speed of the economic recovery.

May copper was down just less than 2 cents to $3.59 per pound in New York trade, while three-month contracts dropped $45 to $7,945 per tonne on the London Metal Exchange even though LME inventories of the metal used in construction and manufacturing fell by 1,925 tonnes during the session.

Among other base metals, lead was down $10 to $2,290 per tonne in London, while aluminium fell $13 to $2,352 per tonne after its inventories added 2,400 tonnes on the session to get closer to record high levels.

Zinc was $48 lower to $2,400 per tonne and nickel dropped $75 to $24,725 per tonne, but tin added $160 to $18,575 per tonne.

May gold added $16.40 to $1,152.40 per troy ounce in afternoon trade in New York, while May silver was 26 cents higher to $18.18 per troy ounce and May platinum gained $18.70 to $1,717.20 per troy ounce.