Copper prices drop again; precious metals gain

Friday, September 11, 2009
Copper prices drop again; precious metals gain

Copper prices were lower again Friday as inventories continued to rise in warehouses monitored in London, Shanghai, and New York and as buying by China dropped 20 percent in August from July, according to the customs office in Beijing.

London Metal Exchange inventories were up 0.2 percent on the day while Shanghai-monitored stockpiles were up 12 percent during the week.

December copper was down 3 cents to $2.85 per pound in New York trade,
while three-month copper dropped $44 to $6,250 per tonne in London.

Elsewhere on the LMI, most other base metals saw prices drop, but tin was higher on the session.

Meanwhile, precious metals prices rose in New York as gold exceeded $1,013 per troy ounce in morning trade as the US dollar continued to weaken, making gold look like a better investment.
December gold ended the floor trade session up $9.60 to $1,006.40 per troy ounce, while December silver added 3 cents to $16.70 per troy ounce and October platinum gained $31 to $1,323 per troy ounce.

December palladium followed platinum higher in morning trade, adding $2.55 to $296 per troy ounce by just before 10:30 a.m. in New York.