Copper hits fifth record high in a row

Precious metals prices were up again on Wednesday as gold added nearly $4 to trade at $568.50/$569.20 per troy ounce in late London trade after having fallen to $560 per troy ounce earlier. Silver peaked at $11.06 per ounce, surpassing most predictions from earlier and the year.

Among base metals, copper had its fifth record high in as many days, hitting a peak of $5,357 per tonne during the day on the London Metal Exchange. The rising prices have been put to strikes in Mexico, threats to supply in Indonesia, and declining inventories in LME registered warehouses. The three-month price on zinc remained high at $2,628 per tonne, only $2 below record highs reached earlier in the week.