Metals prices jump on session

Precious metals prices were higher in New York on Tuesday after crude oil prices rose and the US dollar declined after the release of the minutes of the most recent meeting of the Federal Reserve.

December gold was $4.40 higher to $743.10 per troy ounce, while December silver gained 22 cents to $13.58 per troy ounce and January platinum jumped $6.40 to $1,379.60.

Among base metals, copper added less than half a cent to $3.63 per pound in New York, while three-month copper gained $90 to $8,050 per tonne on the London Metal Exchange.

The gains came even though Southern Copper (NYSE: PCU) claimed it was close to resolving a strike against its Peruvian mines.

Three-month lead was up $160 to $3,835 per tonne after reaching a new high at $3,950 per tonne earlier in the session, while aluminium gained $36 to $2,423 per tonne and zinc was $50 higher to $3,000 per tonne on a forecast of a supply deficit this year.

Tin added $250 to $15,850 per tonne while nickel jumped $750 to $30,900 per tonne.