Metals prices up on week

Metals prices were up on Friday, hitting record highs in some cases, while oil prices were up substantially during the week despite mid-week declines.

Zinc was at a record high on Friday on concerns about supply ahead of the peak demand season. Three-month zinc hit a high of $2,485 per tonne during the day on the London Metal Exchange before ending the week at $2,473 per tonne, a gain of 8.2 percent on the week.

Copper also hit a new record high Friday, with three-month LME prices closing at $5,1290 per tonne, up 6.4 percent for the week.

Silver hit a new 22-year high Friday as investors expected the US Securities and Exchange Commission to approve a new investment product by Barclay’s Global Investors, which will make it easier to buy and sell silver. The spot price for silver hit $10.43 per troy ounce at one point during the day, up from Thursday’s high of $10.37. At midday in New York, the price had backed off some but still stood at $10.38 per troy ounce.