Copper closes at 11-week low, gold higher

SAN FRANCISCO (MarketWatch) -- Copper closed at an 11-week low on Wednesday as worries about Chinese demand weighed on prices, while the broader suite of precious metals ended higher. Copper for May delivery(HGK11 418.20, -3.05, -0.72%) fell 13 cents, or 2.9%, to settle at $4.21 a pound on the Comex division of the New York Mercantile Exchange. "Over the last 20 days the LME has seen more increases in their stock. News of China having to slow down things overall is also weighing on sentiment. There is no real excuse to buy copper right now. The metal is being sold and people are gravitating to gold and silver," Adam Klopfenstein, senior market strategist at Lind-Waldock in Chicago said. Gold for April delivery (GCJ11 1,420, -9.90, -0.69%) added $2.40 or 0.2% to close at $1429.60 an ounce. Silver for May delivery (SIK11 3,531, -73.70, -2.05%) tracked gold higher, gaining 39 cents or 1.1% to $36.05 an ounce.

(Source: http://www.marketwatch.com/story/copper-closes-at-11-week-low-gold-higher-2011-03-09?siteid=rss)