Copper prices up on consumption data
by Elaine Frei
Metals prices were mixed on Thursday, with base metals trending higher while precious metals were mixed.
December copper was 5 cents higher to $3.28 per pound in New York and added 1.4 percent to $7,241 per tonne, or $3.29 per pound, in London as investors became more confident that demand will remain high.
According to the World Bureau of Metals Statistics, consumption was higher than supply by 216,000 tonnes in the first half of the year, driven by consumption in China and India.
The price gains came even though London Metal Exchange stockpiles rose to 123,800 tonnes during the day.
Prices for tin were 2.5 percent higher in London, while the price of lead was almost 5 percent higher.
Among precious metals, December gold fell 30 cents to $668.40 per troy ounce, down from gains earlier in the session.
December silver, meanwhile, added 7 cents to $11.80 per troy ounce while October platinum dropped $3.50 to $1,245.10 per troy ounce.
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