Tin, lead set new records

Base metals prices rose on Thursday, with lead and tin seeing the biggest gains and setting new record highs.

Lead added 4.4 percent to close at $3,340 per tonne in London after going as high as $3,345 per tonne earlier in the session., while tin gained 3.4 percent to $15,400 per tonne.

Tin was up to $15,700 per tonne earlier on the session on worries about supply and activity by speculators.

Copper traded 2.3 percent higher to $8,000 per tonne in London and went as high as $8,005 per tonne after the International Copper Study group said that usage was up 10.5 percent in the period of January through April this year, compared to the same four months last year and global production could not keep up with demand.

Usage in China during that period was 38 percent higher.

The price of copper was also boosted by continuing worker protests in Latin America, where some strikes have been settled but others continue, causing production to decline.

Among other base metals, nickel was up 3 percent to $34,000 per tonne, while aluminium added 2.1 percent to $2,837 per tonne and zinc was 1.9 percent higher to $3,565 per tonne.