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Copper Falls on Rising Stockpiles; Platinum Advances

December 10, 2009 at 23:05 by Vladimir Vyun

Copper prices slid as demand fell and stockpiles grew. Stockpiles monitored by the London Metal Exchange climbed as much as 34 percent since September 30th. Copper also dropped after the dollar gained versus a basket of six currencies, decreasing the attractiveness of some industrial materials. March futures for copper delivery slid $0.0365 (1.2 percent) to $3.0875 per pound by 12:13 on NYMEX.

Platinum gained as the weaker dollar spurred appeal of the metal as an alternative investment. Some traders buy platinum as a store of value when the dollar declines and sell when it rises. January futures for platinum delivery gained $15.30 (1.1 percent) to $1,424.50 per ounce on NYMEX.

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