Copper, other base metals see gains
by Elaine Frei
Base metals prices were higher Thursday.March copper added 7 cents to $3.30 per pound in New York while three-month copper on the London Metal Exchange was up $155 to $7,315 per tonne as there were reports that China’s second-largest producer will close over 40 percent of its smelting capacity until the middle of February due to cold, snowy weather that has cut power and transportation there.
The price gains came even though LME copper inventories added 8,125 tonnes on the session.
Three-month nickel added $251 to $27,501 per tonne in late afternoon trade in London, bringing its gains this month to 4.9 percent.
Elsewhere, three-month aluminium was up $72 to $2,712.50 per tonne after going up to $2,717 per tonne earlier in the day, while lead was $95 higher to 2,825 per tonne, zinc added $160 to $2,510 per tonne and tin gained $250 to $16,975 per tonne.
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