Industrial metals fall on sluggish manufacturing

Wednesday August 1, 2012 4:00 PM

The Associated Press

The Associated Press

Prices of industrial metals are dropping as manufacturing remains sluggish in the U.S. and China. That's adding to concerns about slower growth in the world's two biggest economies.

Copper, platinum, palladium and silver ended lower Wednesday.

New reports indicate that U.S. manufacturing shrank in July. And export orders fell to the lowest level since April 2009. China's manufacturing barely grew last month.

Slower growth means less demand for metals used in a variety of manufacturing products.

Other commodities are mixed as the Federal Reserve says it won't take immediate action to promote economic growth. But the central bank pledges to approve additional measures if the job market fails to show sustained improvement.

Prices are higher for oil and gasoline. Gold, wheat, corn and soybeans are lower.

©2013 by The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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