Most base metals higher as lead declines
by Elaine Frei
Copper prices were higher on Wednesday on hopes that the US economy will continue to expand and after the miners’ strike in Peru against facilities owned by Southern Copper (NYSE: PCU) was settled with an agreement to allow the government there to set workers’ salaries.
December copper in New York added 8 cents to $3.69 per pound, while in London three-month copper was up 2.6 percent to $8,175 per tonne after trading as high as $8,225 per tonne earlier in the session.
Among other base metals, tin was 0.6 percent higher to $15,950 per tonne, while aluminium gained 1.8 percent $2,470 per tonne.
Nickel was up 1.9 percent to $31,500 per tonne and zinc jumped 2.4 percent to $3,470 per tonne.
Lead, however, declined 0.2 percent to $3,825 per tonne after rising to a new high at $3,885 per tonne on continuing demand and tight supplies.
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