Base metals prices up on lower inventories

Most metals prices were higher on Friday as inventories declined among industrial metals. Copper added 3 percent on the London Metal Exchange, taking the price of nickel, zinc, aluminium and lead with it. Lead had the biggest gains there, with a 5 percent advance. Inventories were down for all base metals in LME warehoues, with the exception of nickel and tin. Meanwhile, on the New York Mercantile Exchange, copper added 14 cents to close at $3.3205 per pound.

Among precious metals, gold closed $2 higher in New York at $655.30 per troy ounce as oil prices rose and the US dollar weakened on global currency markets. Silver also gained on the session, closing at $13 per troy ounce, a gain of 3 cents. Platinum, however, declined on the session, losing $12.90 to close at $1,277.80 per troy ounce in New York.

The London Metal Exchange, the New York Mercantile Exchange, and the Chicago Board of Trade will all be closed on Monday due to holidays in the UK and the US.