Precious, base metals prices mixed

Metals prices were mixed on the session Tuesday. Gold was 0.2 percent higher to $656.75 per troy ounce in late trade in London as investors waited for new US data, due later in the week. Meanwhile, in New York in midday trade, silver added 22 cents to $13.30 per troy ounce. On the other hand, July platinum in New York dropped $13 to trade at $1,264.80 per troy ounce.

Base metals were lower as well, with most higher. Zinc, however, dropped 0.4 percent to $3,625 per tonne on the London Metal Exchange even though LME inventories of the metal fell by 1,250 tonnes. Elsewhere, tin added 0.2 percent to $13,925 per tonne, while nickel prices were 3.2 percent higher to $47,800 per tonne.

Lead gained 0.9 percent to $2,240 per tonne after falling back from a new record high of $2,250 per tonne as LME stockpiles were down 200 tonnes to 46,700 tonnes. Inventories of lead are down by around 60 percent since June of last year, and it will be at least one month before 9,000 tonnes of lead from an Australian port can be shipped.

Copper added 0.6 percent to $7,245 per tonne after Chinese futures added 4 percent, their daily limit, on Monday in Shanghai. Strong Chinese demand, up 25 percent in the first two months of 2007 compared to 2006, resulted in a production deficit of around 51,000 tonnes in February of this year. In comparison, there was a production surplus of 53,000 tonnes in February last year.