Economic news boosts base metals

Base metals prices ended the week higher on  reports that US factory orders for durable goods and new home sales were both higher in July.

Durable goods orders were up 5.9 percent in July, the most in 10 months, while new home sales gained 2.8 percent during the month after a decline of 4 percent in June.

The home sales report was tempered however by the fact that they are still over 10 percent below new home sales in the same month last year.

December copper  was up 7 cents to $3.35 per pound in afternoon trade in New York, while it added 5.7 percent over the week to $7,365 per tonne on the London Metal Exchange.

In other base metals, lead was up 1.8 percent on the day and 13 percent this week in London to $3,255 per tonne.

Lead prices have risen 95.5 percent since the beginning of the year on demand for use in battery manufacture.

Zinc added 2.4 percent on the week to $2,160 per tonne, while aluminium gained 2.9 percent to $2,569 per tonne.

Even though they were lower in London trade on the day, nickel added 5.7 percent during the week to $26,250 per tonne, while tin gained 8.9 percent this week to $13,360 per tonne.