Aluminium prices gain on dropping inventories

Base metals prices were mixed but mostly higher on Thursday.

Three-month zinc added $5 to $2,970 per tonne in London, while three-month aluminium was $43 higher to $2,553 per tonne.

Aluminium was higher as stockpiles in LME warehouses dropped by 1,950 tonnes.

Lead gained $115 to $3,665 per tonne even though inventories were up by 1,750 tonnes, the third day in a row that LME stockpiles have risen, while nickel added $700 to $32,500 per tonne.

Copper was 5 cents lower to $3.60 per pound in New York, while three-month LME copper dropped $100 to $7,860 per tonne after going as low as $7,814 per tonne earlier in the session as inventories were up by 4,625 tonnes on the session.

Tin also saw declines, closing at $16,100/$16,200 on the session, down from $16,375/$16,400 on Wednesday.