Weak dollar, IMF forecast help metals

Metals prices followed crude oil higher on Wednesday as the dollar weakened again versus the euro and the International Monetary Fund predicted that the United States will see a recession this year.

The IMF forecast that the US economy would only grow by 0.5 percent this year and by just 0.6 percent next year, and that the world economy will be hurt by that lack of growth.

Among precious metals, June gold added $18.50 to $936.50 per troy ounce in New York, while May silver was up 55 cents to $18.26 per troy ounce and July platinum was $15 higher to $2,044.60 per troy ounce.

Base metals prices were also higher.

May copper gained 11 cents to $4 per pound in New York, only 4 cents off its record high, while three-month copper added $190 to $8,730 per tonne in London, less than $100 lower than the London Metal Exchange record price.

Copper’s gains came on supply concerns, even though LME stockpiles gained 525 tonnes during the session.

Zinc added $22 to $2,372 per tonne while lead was up $63 to $2,958 per tonne, aluminium was $112 higher to $2,100 per tonne, tin gained $250 to $20,650 per tonne, and nickel jumped $475 to $29,350 per tonne.