Lead, nickel again see new record prices

Metals prices were up this week, with base metals gaining more than precious metals. Lead hit a record high of $2,115 per tonne on Friday and settled nearly that high at $2,107.5 per tonne for a gain of 4.3 percent this week. Prices for the metal were driven by a halt in exports from a Canadian-owned Western Australian company’s operations because of an ongoing investigation into lead poisoning at the facility, which supplies around 3 percent of the world’s lead.

Copper added 7.2 percent on the week to $8,300 per tonne as London Metal Exchange inventories dropped to 150,925 tonnes, their lowest level in six months. Nickel added 10.5 percent this week to trade at $51,500 per tonne. It hit a new record high of $51.600 per tonne on Friday as LME inventories were down to 3,354 tonnes in LME warehouses and the prospect of continuing tight supplies caused concern. Zinc was 12.6 higher on the week to $4,140 per tonne.

Among precious metals, gold gained 1.1 percent on the week to $688.50 per troy ounce, while platinum was up 2.7 percent to $1,321 per troy ounce on problems in South Africa and rumors that an exchanged traded fund will soon be launched in the United States.