Metals prices rise on inventories

In the metals markets on Wednesday, gold added 0.9 percent to $578 per troy ounce in late trade. Base metals were also higher, on declining inventories. Aluminium was 0.6 percent higher to $2,600 per tonne, while copper added 1.1 percent to $7,515 per tonne. Nickel gained 1.9 percent to $30,250 per tonne as stockpiles fell to less than one day of global consumption. Lead was up by 2.4 percent to $1,470 per tonne, a new record, before sliding back slightly to $1,450 per tonne on demand from battery manufacturers. Zinc was 2.7 percent higher to $3,785 per tonne as London Metal Exchange inventories were at their lowest point since 1991.