Copper gains on supply worries

Base metals prices were up on Friday as trade volumes were higher than expected this week despite the fact that many markets in Asia were closed for Lunar New Year celebrations.

March copper added 9 cents to $3.54 per pound in afternoon trade in New York and 3-month copper in London was up $150 to $7,700 per tonne for a gain of 6 percent this week.

The gains came on weather-related production problems in China and as London Metal Exchange stockpiles declined again, by 2,725 tonnes to 166,750 tonnes.

In addition, production was reported down in Chile in 2007 by state-owned miner Codelco, the world’s largest copper producer.

Aluminium was up $14 to $2,695 per tonne while zinc was $100 higher to $2,450 per tonne and lead gained $190 to $2,970 per tonne.