Copper gains on China imports
by Elaine Frei
Copper prices were up Monday, pushed higher by reports of strong imports by China in April which were, however, still behind imports during the same period last year.
Prices also benefited after the US dollar lost gains and investors again looked for hedges against inflation, but gains were limited after a strike by Peru’s miners’ union, which was scheduled for today, was postponed.
July copper added 4 cents to $3.76 per pound in New York while three-month copper added $146 to $8,246 per tonne in London.
Precious metals prices were mixed, with June gold down $1 at the end of the floor session in New York to $884.80 per troy ounce while July silver added 32 cents to $17.23 per troy ounce and July palladium was up another $18.20 to $2,120 per troy ounce.
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