Copper gains as other metals prices decline

Copper prices bucked a declining trend among metals, rising 3 cents to $3.91 per pound in New York and finishing the day even at $8,540 per tonne in London after going as low as $8,465 per tonne earlier in the session.

Prices were supported by a report from one Chilean mine that showed first quarter output was 13.4 percent lower from the same period last year.

London Metal Exchange copper stockpiles stood at 110,525 tonnes, down 44 percent since the beginning of the year, while Shanghai-monitored inventories were down 6 percent to 46,473 tonnes in the week ending 29 April.

Prices for other base metals were lower on the London session.

Zinc dropped $10 to $2,230 per tonne, while lead was down $21 to $2,714 per tonne, aluminium was $57 lower to $2,907 per tonne, nickel fell $150 to $28,500 and tin plummeted $510 to $23,200 per tonne.

Precious metals prices were also lower as the US dollar strengthened versus the euro and crude oil prices dropped again, leading investors to worry less about inflation.

June gold was down $10.80 near the end of floor trade in New York, to $866 per troy ounce while July silver fell 6 cents to $16.58 per troy ounce and July platinum dropped $4.90 to $1,935.20 per tonne.