Aluminium, zinc higher on China quake aftermath

Prices for most base metals were higher on Thursday, with aluminium and zinc both rising on issues related to the aftermath of the earthquake in China earlier this week.

Three-month aluminium added $72 to $3,010 per tonne in London on the possibility that power shortages due to the earthquake could shut down smelters and interrupt supplies.

Additionally, zinc was up $30 to $2,315 per tonne, again on supply disruptions after the quake as two provinces have shut smelters for safety inspections.

Elsewhere in base metals, July copper gained 6 cents to $3.74 per pound in New York trade and three-month copper was up $176 per tonne to $8,296 per tonne in London even though London Metal Exchange inventories are up since the beginning of the month.

Lead was up $20 to $2,275 per tonne while tin hit a new record high of $25,500 per tonne even though the metal was untraded at the close of trade in London, where the last bid was at $25, 250 per tonne, a gain of $100 over Wednesday’s final bid.

Nickel bucked the trend, dropping $195 to $26,305 per tonne in London.

Precious metals prices were mixed, meanwhile.

June gold added $13.30 to $879.80 per troy ounce by near the end of floor trade in New York after the dollar lost ground to the euro, while July silver gained 6 cents to $16.67 per troy ounce but July platinum dropped $14.10 to $2,025 per troy ounce.