Price of copper declines

The price of gold rose on Monday, gaining on the additional geopolitical tensions created last week when Iran captured 15 British sailors in the Persian Gulf. Gold traded in a range around $662.00/$662.60 late in the day in London, up from Friday’s late quote in New York of around $657/$658.

Base metals prices were mixed on the day. Three-month copper declined, falling $135 on the session to $6,855 per tonne. The decline comes after copper prices have gained 28 percent just since the beginning of February.

On the other hand, tin added $170 to $14,495 per tonne late in the day after going as high as $14,515 earlier in the session, a continuation of trends this year as traders worry about supply. Tin prices are up 26 percent since the beginning of the year. Nickel, meanwhile, gained $300 to $42,500 per tonne, the first time it has added to its price in a week after dropping 12 percent from a record high reached 10 days ago.