Copper up on stockpile declines in London

Base metals prices were mixed on Thursday.

Copper was higher, boosted by a decline in London Metal Exchange stockpiles and hopes that the US Federal Reserve will cut interest rates next week, stimulating the US economy and boosting demand.

There was still concern, however, that demand from China could decline if its government follows through on plans to tighten monetary policy.

March copper in New York added 1 cent to $3.05 per pound, while three-month copper added $30 to $6,725 per tonne in London.

Copper prices are still over 20 percent lower than they were early in October.

Prices for tin and nickel were also higher, by $150 per tonne each, to $16,600 per tonne and $26,050 per tonne respectively.

The price of zinc was down $16 to $2,390 per tonne in London while aluminium fell $17 to $2,448 per tonne, lead dropped $135 to $2,695 per tonne.

Lead declined on the hope that the Magellan mine in Australia will open soon, boosting supplies.

The mine was closed in April on worries about lead toxicity.