Base metals prices see gains

The price of copper was higher on Tuesday as other metals prices were also up, but analysts worried that it could resume its recent declines as demand declines and stockpiles increase.

December copper in New York added 4 cents to $3.34 per pound, while three-month copper on the London Metal Exchange gained $70 to $7,480 per tonne, with strike issues in Peru and bargain hunters said to be supporting prices.

Inventories in LME warehouses are at about 168,000 tonnes, their highest since the middle of April and up 30 percent just since the end of September.

Tin hit a record $17,100 per tonne on concerns about supplies from Indonesia, and closed at $17,050 per tonne.

Aluminium added $35 to $2,650 per tonne on shrinking inventories, while lead was up $55 to $3,750 per tonne, zinc gained $95 to $2,820 per tonne and nickel jumped $700 to $32,300 per tonne.