Copper lower on pessimistic assessment of US economy

The price of copper fell in London and New York Monday after the National Bureau of Economic Research, a private, non-profit US research group based in Cambridge, Massachusetts, said that it was too soon to say that the recession is over in the United States.

May contracts for copper in New York were down 2.5 cents to $3.56 per pound in afternoon trade in New York, while three-month contracts for the metal used in construction and manufacturing were $61 lower to $7,864 per tonne on the London Metal Exchange.

New York prices were as high as $3.68 per pound earlier in the day on new data showing that China’s copper imports were 42 percent higher in March than they were in February.

Tin prices also fell in London trade, but aluminium, nickel, zinc and lead all saw gains in London.

Among precious metals, gold was down $1.90 to $1,160 per troy ounce in afternoon trade in New York, but earlier in the session it went as high as $1,170.70 per troy ounce, helped by dollar weakness after the Eurozone offered a bailout package to Greece.

Silver prices were also down as it traded at $18.33 per troy ounce in afternoon trade, while May platinum was $13.10 higher to $1,735.30 per troy ounce.