Base metals up on merger news, shrinking inventories
by Brian Turner

In the metals markets on Monday, prices rose in both precious and base metals. Gold added 0.5 percent to $624.10 per troy ounce, while silver gained 1 percent to $12.88 per troy ounce and platinum was 5.1 percent higher to $1,246 per troy ounce. The price of platinum was helped by rumors that an exchange traded fund similar to those for gold and silver.
Among base metals, copper gained 0.6 percent to $6,840 per tonne even though London Metal Exchange inventories were up b y 2,050 tonnes on the day, helped by the announcement by Freeport-McMoran that it intends to purchase Phelps Dodge to create the largest publicly traded copper miner in the world. Elsewhere, nickel added 2.2 percent to $30,250 per tonne on a decline of 108 tonnes in LME stockpiles, while zinc was 3.6 percent higher to $4,169 per tonne as LME inventories dropped by 1,150 tonnes.
Add to Bookmarks:
Related posts to: Base metals up on merger news, shrinking inventories
AngloGold Ashanti acquire Golden Cycle Gold Corporation ...
Copper adds 2 percent on shrinking inventories ...
Base metals prices see gains ...
Xstrata confirms Anglo American merger plans ...
Zinc prices gain on low inventories ...
Latest Metals News:
Copper gains on China news
Copper, other metals prices hurt by US consumer confidence
Copper prices up on US new home sales data
Gold prices lower as US dollar gains on euro
Copper gains on Europe manufacturing, US existing home sales data
Gold up slightly ahead of Bernanke remarks, stress test results
Copper up despite drop in US housing starts
Copper gains on demand hopes
Copper prices drop on data, demand worries
Gold ends slightly higherPrevious: « Most metals prices drop this week
Next: Platinum prices reach new high »
Visited 715 times, 1 so far today