Metals prices gain on session
by Elaine Frei
Copper prices were higher Friday on increased buying after a 3.7 percent price decline on Thursday sent investors looking for bargains.
Prices also benefited from a decline of 450 tonnes in London Metal Exchange stockpiles on the session, and the buying came before closure of the LME for a holiday on Monday.
July copper added 12 cents to $3.82 per pound in afternoon trade in New York, while three-month copper in London gained $190 to $8,410 per tonne after being down $50 from Thursday’s close earlier in the day.
Other base metals also saw price gains.
Three-month lead was up $6 to $2,585 per tonne while zinc added $33 to $2,218 per tonne, nickel was $50 higher to $28,400 per tonne and aluminium gained $80 to $2,920 per tonne.
Precious metals prices were also higher, with June gold adding $7 to $857.90 per troy ounce just before the close of floor trade in New York as July silver was up 27 cents to $16.47 per troy ounce and July platinum gained $25.90 to $1,906.50 per troy ounce.
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