Metals prices up on weaker dollar

Base metals prices were up Monday as the dollar weakened and oil prices rose a bit on more trouble in Nigeria.

After early declines, September copper had added 1 cent to $3.61 per pound in New York at last report, while three-month copper was up $39 to $7,995 per tonne in London on a weaker dollar but worries about demand and a 2,575-tonne gain in London Metal Exchange stockpiles to 136,054 tonnes on the session.

On the other hand, lead inventories in London dropped by 525 tonnes to 90,725 tonnes, sending that metal $115 higher to $2,230 per tonne.

Elsewhere among base metals, aluminium was up $47 to $3,017 per tonne while zinc added $80 to $1,925 per tonne and nickel gained $300 to $18,750 per tonne.

Among precious metals, the latest reports had December gold $3.60 higher to $940.50 per troy ounce while September silver was up 10 cents to $17.47 per troy ounce and October platinum gained $18 to $1,776.70 per troy ounce as demand by investors grew.