Copper prices fall on fewer US housing starts in May
by Elaine Frei

Copper prices fell Wednesday as new data showing US housing starts down last month made more of an impression than new numbers indicating that industrial production was up in the US in May.
The Commerce Department reported that new housing starts were down 10 percent overall in May, with single-family home starts falling 17 percent during the month, while applications for building permits dropped 5.9 percent during the same period.
The biggest uses for copper are in the construction and manufacturing sectors.
July copper was a cent lower to $2.99 per pound in New York trade, while three-month contracts for the metal dropped $22 to $6,680 per tonne on the London Metal Exchange.
Other base metals were mixed as nickel, aluminium and zinc were all lower, but tin and lead prices saw gains.
Among precious metals, August gold was down $3.90 to $1,230.50 per troy ounce in New York trade as investors looked for more risk, while some analysts said that gold costs too much right now to convince new investors to buy.
July silver was 14 cents lower to $18.44 per troy ounce while July platinum dropped $10.50 to $1,567.50 per troy ounce and September palladium traded at $475.20 per troy ounce, little changed form Tuesday’s close.
Related posts to: Copper prices fall on fewer US housing starts in May
Copper prices lower on China news, US housing starts ...
Copper prices fall in New York, rise slightly in London ...
Copper lower on decline in US housing starts ...
Copper up despite drop in US housing starts ...
Most base metals prices gain ...
Latest Metals News:
Gold ends session lower in New York, but gains on week
Gold prices retreat after setting new intraday high
Gold closes at $1,666 per ounce in New York trade
Gold prices at new records on disappointing US data
Gold prices lower but comes off session lows on manufacturing data
Gold sets new intraday, closing highs to end trading week in New York
Copper rises; precious metals prices see declines
Gold prices drop on profit-taking, stronger US dollar
$1,616.80 per troy ounce: Another record high for gold
Gold trades as high as $1,624.30 per ounce in New YorkPrevious: « Copper gains in New York on weaker dollar, manufacturing data
Next: Gold prices at new closing high in New York »
Visited 1996 times, 1 so far today