Copper, other metals prices hurt by US consumer confidence

Metals prices fell Tuesday on declines in US consumer sentiment after a key consumer confidence index fell to 50.4 in July from 54.3 in June on concerns that the job market is not improving.

September copper was down 2 cents to $3.21 per pound in New York trade, while three-month contracts dropped $89 to $7,059 per tonne on the London Metal Exchange on fears that consumer reluctance to spend money will limit demand for copper.

The declines came even though inventories of the metal used in construction and manufacturing dropped by 2,475 tonnes in warehouses monitored by the LME.

Most other base metals saw their prices decline as well, as zinc dropped $45 to $1,910 per tonne, nickel was down $250 to $20,550 per tonne, tin fell $267 to $19,333 per tonne and lead traded at $1,977 per tonne.

The exception was aluminium, which added $1 to $2,056 per tonne as inventories in LME-monitored warehouses fell by 4,875 tonnes on the session.

Meanwhile, among precious metals, August gold was $25.10 lower to $1,158 per troy ounce in New York trade, it’s lowest price since 26 April and 8 percent lower than the record high it reached on 18 June.

Additionally, September silver was 57 cents lower to $17.63 per troy ounce, October platinum was down $19.10 to $1,536.70 per troy ounce and September palladium dropped $8.45 to $466.55 per troy ounce.