Base, precious metals see mixed results

Base metals prices were mixed on Tuesday, with copper seeing gains before dropping to end the session.

May copper was up by nearly 7 cents per pound early in the session on supply worries that were amplified by a strike that stopped work at a mine in Papua New Guinea which produces about 1 percent of the world’s supply, but by near the end of the floor session in New York it had dropped 1 cent from Monday’s close to trade at $3.79 per pound.

Three-month copper in London also gained, adding as much as $205 to $8,515 per tonne during the day before ending the session down $35 to $8,275 per tonne.

Other declining industrial metals included zinc, down $20 to $2,550; aluminium, which dropped $73 to $3,065; and nickel, which was down as low as $31,200 per tonne before closing out the session at $31,500 per tonne.

Tin was up $200 to $19,250/$19,300 at the close after hitting a record high of $19,400 per tonne, while lead added $35 to $3,035 per tonne.

Meanwhile, precious metals were also mixed.

April gold had added $4.20 to $976 per troy ounce by near the close of floor trade in New York, following crude oil higher as it hit a new high at well over $109 per barrel during the day.

April platinum was also higher, adding $13.30 to $2,052.40 per troy ounce, but May silver dropped 2 cents to $19.76 per troy ounce.