Industrial metals fall on drop in NY manufacturing

AP News
Posted: Dec 17, 2012 3:27 PM

Industrial metals prices are lower after manufacturing slowed in the New York area this month, reflecting a sluggish trend across the nation.

Copper, silver, platinum and palladium fell less than 1 percent Monday.

The Federal Reserve's Empire State Manufacturing Survey found that general business conditions declined in December for a fifth consecutive month. Orders and shipments also fell.

The results mirror a weaker trend in U.S. manufacturing, which shrank in November to the slowest pace since July 2009, according to the Institute for Supply Management.

There also are worries about demand for commodities in China after new Communist Party leaders promised reforms aimed at reducing the country's reliance on exports.

In other trading, prices are higher for oil, natural gas and gold. Wheat and corn fell.