Lead prices gain on lower inventories

Copper prices were higher in New York and London on Tuesday after workers at three mines in Mexico, including the country’s largest copper mine and two zinc mines, went on strike for higher wages in light of rising metals prices.

September copper in New York added 6 cents to $3.65 per pound, the biggest one-day gain for copper there since July 19, while its price on the London Metal Exchange went above $8,000 per tonne.

Gains were limited by a new report from the US Commerce Department that showed spending on US construction projects was down in June.

The price of lead went as high as $3,125 per tonne in London and later fell back to $3,100 per tonne, still a gain of 6.4 percent on the session and its biggest gain in over a month as LME inventories fell to 37,575 tonnes.

Tin reached a new high of $16,600 per tonne during the day in London as analysts were reported as saying the price could top $18,000 per tonne this year with the market in a “significant deficit” of the metal.

Nickel added 2.5 percent to $31,250 per tonne after going as high as $32,000 per tonne earlier.

Only aluminium saw a decline on the session, dropping just over 1 percent to $2,747 per tonne in London.