Inventories temper copper price

Copper prices were down as inventories rose more quickly than they have in almost a year. Prices were down 0.3 percent on the London Metal Exchange to $3,529 per tonne as inventories in LME warehouses were up 13 percent, or 5,800 tonnes, on Thursday to 49,800 tonnes.

This was the largest daily jump in inventories in nearly a year. Analysts said, however, that supplies were still tight at only one day of global demand. Last year at this time, inventories were at 81,750 tonnes.

Gold had gained $5.40 by midday in New York, to $442.40 per troy ounce, an eight-month high as investors made purchases as a hedge against inflation as crude oil prices continued to rise.