Metals prices rise after correction

Metals prices rose on Tuesday after Monday’s declines. Gold added $8 to $688.90/$689.70 per troy ounce after dropping 4 percent on Monday. Silver was trading 25 cents higher at $13.40/$13.50, after losing 6 percent on Monday. Platinum, which lost less than other precious metals on Monday, added $23 to $1,293 per troy ounce on Tuesday.

Among base metals, copper added $220 to $8,410 after a 9 percent decline on Monday. It is back to within 5 percent of its record high price, reached on Thursday of last week. Part of the advance on the day were relaxed supply concerns after Grupo Mexico said it will not close its San Martin mine after all as striking miners have agreed to go back to work.

In other base metals, zinc was up $85 to $3,500 per tonne, while aluminium added $38 to $2,990 per tonne and nickel gained $450 to $20,450.