Copper prices up on higher China imports

Metals prices were up on Monday. In precious metals, gold added $3 to $652.10/$652.85 per troy ounce as the US dollar weakened.

Among base metals, nickel hit yet another new record high even though London Metal Exchange warehouses reported a slight gain in inventories, as stockpiles remained below a day’s global consumption. At one point in the day, three-month nickel prices rose as high as $43,900 per tonne, which cash prices were at $46,500 per tonne.

Copper prices were also higher, sent up by new figures showing that China imported 56.2 percent more copper in the first two months of this year than they did during the same period last year. With inventories down again in LME warehouses, copper added $130 to $6,265 per tonne.