Copper up again on reduced supplies

In the metals markets on Thursday, copper was up 6.2 percent to $8,575 per tonne, sliding back slightly after going as high as $8,790 per tonne earlier in the day, as inventories declined yet again in Europe and South Korea. In addition, Europe’s largest copper producer said that copper shortages were likely to continue.

Zinc hit a record $4,000 per tonne before falling back to $3,880 per tonne. Nickel added 3.7 percent to $21,200 per tonne on a decline in London Metal Exchange inventories of 594 tonnes. Aluminium gained 3.1 percent to $3,300 per tonne.

Among precious metals, gold was up 2.2 percent to $722.30 per troy ounce after going as high as $726.00 per troy ounce earlier in the day. Silver went as high as $15.17 per troy ounce before settling back to $14.93 per troy ounce. Platinum settled at $1,283 per troy ounce after hitting a new record of $1,293 per troy ounce during the day.