It was another terrible day for the base metals Monday as copper, zinc, nickel, aluminum, and lead were all down during the day’s trading. After remaining flat in early trading, copper prices plunged in the pre-dawn hours, falling almost 13 cents, to $3.5065/lb.

Zinc rose slightly in early trading, but soon succumbed to the downward pressure of the day to close at $0.7959/lb., down over 3 cents. Nickel fell badly throughout trading Monday, ultimately ending just off its intraday low, at $8.0603/lb., down 15½ cents. Aluminum also trended down all day, dipping below $1.27/lb. just before noon.

While prices recovered slightly, aluminum still finished the day down 3 cents, at $1.2796/lb. Lead was not immune to the base metals’ woes on the day as it dropped over 5½ cents, to $0.9143/lb.

Copper’s second straight day of sharp declines was largely due to rising stockpiles of the metal and continuing concerns of poor copper demand.

According to the LME, copper stockpiles have risen by 19% in the past month, to the their highest levels in six months.

Copper is just looking ugly,” Matthew Zeman of LaSalle Futures Group remarked. “With the global economic slowdown, and a steady rise in stockpiles, it’s hard to see any reason that copper won’t continue to drop. Prices could fall quite a bit fairly quickly.”

Source: Base Metals Lose Again, Plunge is the Result of Rising Copper Stockpiles

The base metals were mixed on Thursday. Copper sank during the pre-dawn hours but took off during the first hour of New York trading, before easing later in the day and finishing at $3.8466/lb., up 2¼ cents.

The base metals were mixed again on Wednesday. Copper sagged through the pre-dawn hours, but recaptured the lost ground during the New York session, finishing at $3.6395/lb., up a penny and a half.

The base metals were mixed again on Thursday. Copper sank during the pre-dawn hours and fought its way back during the New York session though it fell short of positive territory at $3.6068/lb., down more than a penny and a third.

The base metals were mixed on Monday. Copper was off in the pre-dawn hours but rallied back during the New York session yesterday, to finish little changed at $3.6665/lb., down just over a tenth of a cent.