Base metals see gains on demand, inflation
by Elaine Frei
Base metals were higher on Wednesday on higher demand in emerging markets, increasing inflation, and a declining US dollar which hit a new low versus the euro during the day.
May copper was 6 cents higher to $3.83 per pound in New York while three-month copper added $125 to $8,400 per tonne in London as London Metal Exchange stockpiles dropped by 2,525 tonnes during the session.
With tin inventories also down, three-month contracts for the metal hit a record $18,140 per tonne and was trading at $18,000 per tonne in afternoon trade in London.
Elsewhere, three-month aluminium was also up to trade at $3,129 per tonne while zinc added $183 to trade at $2,678 per tonne.
Meanwhile in precious metals, April gold added $11.80 to $960.70 per troy ounce in New York on the decline in the dollar, while May silver was up 48 cents to $19.32 per troy ounce but April platinum dropped $3.90 to $2,152 per troy ounce.
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