China copper demand skyrockets in July

Base metals prices were mostly higher Wednesday after BHP Billiton (LSE: BLT; NYSE: BHP; ASX: BHP) said that while it expects metals prices to remain volatile it also anticipates them remaining high on continuing demand.

December copper added 6 cents to $3.22 per pound in New York, while copper on the London Metal Exchange gained 2 percent to $7,143 per tonne on new data showing that demand for the metal by China was up 65 percent in July from the same period last year.

Aluminium added 1 percent in London to $2,516 per tonne after Alcoa (NYSE: AA) declared force majeure, excusing itself from contracted deliveries after Hurricane Dean knocked out electrical service to its refinery in Jamacia.

Elsewhere, tin added 3.2 percent to $14,600 per tonne, while lead was up 3.8 percent to trade at around the $3,000 per tonne level.

Uranium, however, dropped $15 to $90 per pound in the most recent quote, its lowest price since March.