Copper up on dollar, drop in LME stockpiles
by Elaine Frei
The price of copper was up Friday as the dollar weakened and investors looked for safe places to put their money as higher oil prices one again raised the possibility of more inflation.
September copper added 5 cents to $3.83 per pound in New York, while three-month copper on the London Metal Exchange ended $105 higher to $8,435 per tonne, or $3.80 per pound, as LME stockpiles dropped 225 tonnes on the session.
The gains for copper prices came even though an agreement was reached Thursday in the strike in Peru that had blocked access to the country’s biggest mine and at least one smelter.
Precious metals, meanwhile, were mixed.
After being higher for most of the session, August gold dropped 50 cents to $903.70 per troy ounce in New York, while July silver was down 7 cents to $17.40 per troy ounce but July platinum added $6.60 to $2,062.40 per troy ounce.
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