Copper, zinc prices gain on low inventories

In the metals markets on Monday gold was trading at $651.90 per troy ounce, helped out by higher crude oil prices. Meanwhile base metals prices were mostly higher. The exception was nickel, which dropped 4.6 percent on the day to $35,695 per tonne after going as high as $38,205 per tonne earlier in the day on inventories which continue to be low. The decline came after workers at the Sudbury mine in Canada ratified a new contract.

Copper prices added 0.3 percent to $5,360 per tonne after London Metal Exchange stockpiles dropped by 1,200 tonnes. The price of zinc was also higher, adding 3.4 percent to $3,105 per tonne, again on declines in stockpiles. LME zinc inventories were down by 475 tonnes on the session.