Metals prices climb on session

Metals prices were higher on Thursday. Gold was up 1.2 percent to $680.80 per troy ounce on reports that inflows into the seven major gold Exchange Traded Funds were up to 12.7 tonnes in April, well up from 5.6 tonnes in March for a total this year to date of 49 tonnes.

Among base metals, lead added 1.5 percent to $2,080 per tonne just off of a new record of $2,085 per tonne reached earlier in the session. The gain came on the news that shipments from the port of Esperance in western Australia will remain suspended until at least the middle of August.

Nickel gained 2.7 percent to $49,900 per tonne as inventories were at just 3,378 tonnes and supply was expected to tighten even more due to a week’s disruption at a Canadian mine due to a strike for a loss of more than one-fifth of current London Metal Exchange stockpiles. Production has begun again at the mine after the Brazilian owners replaced striking workers.

Copper hit its highest level since August, as the price rose 2.8 percent to $8,175 per tonne. The gains came after LME inventories dropped by another 2,200 tonnes to a two-month low. One report predicted that Chinese consumption of copper will grow by 9.9 percent this year, compared with 5.2 percent last year, even though global consumption growth overall is expected to slow.

Zinc prices were 3.8 percent higher on the session, to $4,101 per tonne, after a strike began at a US producer.