Copper lower on concerns about Greek debt, China demand

The price of copper fell Thursday as the euro lost ground to the US dollar on continuing concerns regarding Greece’s debt crisis after Moody’s Investors service cut its rating on Greece and said it could make further downgrades.

Data released recently also hurt prices as the news that China’s copper imports were up by more than 50 percent in March over February was taken to mean that China might now have too much of the metal used in construction and manufacturing on hand, especially in light of China’s moves t limit growth in the property sector.

June contracts for copper had dropped 5 cents to $3.48 per pound in midday trade in New York, while three-month copper was down $68 to $7,692 per tonne on the London Metal Exchange.

Also in London, zinc was down $7 to $2,418 per tonne while lead fell $10 to $2,310 per tonne, aluminium was $31 lower to $2,320 per tonne as inventories grew by 2,325 tonnes, and tin was trading higher at $18,950 per tonne.

Gold prices were lower in New York on a stronger dollar and lower physical demand, but had made back some of its declines by midday after the National Association of Realtors said that sales of existing homes in the United States were up by 6.8 percent in March.

June gold was $6.60 lower to $1,141.60 per troy ounce just before 1 p.m. in New York, while June silver was down 26 cents to $17.82 per troy ounce.