Base metals higher, gold declines

Metals prices were mixed on Wednesday. Precious metals were down, with gold losing about $6 by late in the day in London to trade at $624.50/$625.50 per troy ounce after having dropped as low as $616.40 per troy ounce earlier in the day.

Base metals, however, saw gains on the day. Copper was up late in the day, rising more than $600 from its low of the day to trade at $7,855 on the London Metal Exchange. Most of the gain had to do with continuing concerns over short supply. Among other base metals, aluminium was up $57 dollars from Tuesday’s close and $100 higher than its low point in the day to $2,610 per tonne. Zinc was up $280 to $3,640 per tonne, while nickel was trading at $21,325 per tonne late in the day in London.