Copper near records; precious metals also higher

Copper prices approached a record high on Wednesday on demand hopes after the Chinese government reported that the gross domestic product there grew by 10.6 percent in the first quarter of the year.

July copper added 9 cents to $3.95 per pound in New York after going as high as $4.011 per pound, just below the record at $4.04 per pound set almost two years ago.

Meanwhile, three-month copper gained $256 to $8,686 per tonne on the London Metal Exchange, just over $130 below the record there.

Copper prices were also supported by a production disruption due to a strike in Chile.

Precious metals prices were also up on the session in New York, gaining on a new record low for the US dollar in relation to the euro and on another new record high for crude oil prices.

June gold was up $16.40 to $948.40 per troy ounce while May silver was 48 cents hgierh to $18.33 per troy ounce and July platinum gained $50.90 to $2,037.30.