Copper prices fall for second day

AP News
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Posted: Nov 13, 2013 5:52 PM

NEW YORK (AP) — Copper prices fell for a second day Wednesday following news that Chinese copper output is rising.

High-grade copper for December delivery fell 7.45 cents, or 2.3 percent, to $3.1595 a pound, the lowest price since early August.

China's output of refined copper rose 23 percent compared with a year ago, according to Bloomberg News, as Chinese mines continue to increase output. China is the world's second-largest copper producer.

The increasing supply of copper on the global market has pushed prices lower for months. The metal is down 13 percent so far this year.

Other metals also fell. Gold declined $2.80 to $1,268.40 an ounce and silver was down 33.6 cents to $20.442 an ounce.

Platinum fell $7.60 to $1,432 an ounce and palladium fell $6.90 to $735.45 an ounce.

In agricultural commodities, corn for December delivery fell 2.5 cents to $4.2975 a bushel.

January soybeans were basically unchanged at $13.15 a bushel and December wheat was up less than a penny $6.4550 a bushel.

Energy commodities were mixed. Crude oil for December delivery rose 84 cents, or 0.9 percent, to $93.88 a barrel in trading in New York.

Wholesale gasoline rose 4 cents to $2.628 a gallon, heating oil rose 4.5 cents to $2.897 a gallon and natural gas fell 5 cents to $3.56 per 1,000 cubic feet.