- NEW YORK: Copper and platinum prices are falling after the government reported that claims for unemployment benefits remained high last week.
Prices of industrial metals are closely tied to economic growth.
Signs of weakness in the economy, such as high levels of unemployment claims, tend to push their prices lower.
Copper in particular is used a raw material in many kinds of manufactured goods.
Copper for December delivery fell 2.5 percent Thursday to end at $3.307 a pound.
January platinum dropped 1.4 percent to finish at $1,532.40 an ounce.
The US Department of Labor reported that 404,000 people applied for unemployment benefits last week.
The number is higher than expected in a healthy economy.
