Copper gains on demand hopes

Copper prices rose slightly in New York Thursday on a gain in oil and other industrial metals prices and on the possibility that lower prices recently could boost demand, especially in China.

In midday trade in New York September copper added 2 cents to $3.44 per pound while three-month copper was up $31 to $7,646 per tonne on the London Metal Exchange.

Nickel was up in late-day trade in London, going as high as $18,900 per tonne before falling back to $18,700 per tonne after a Russian producer said it might cut output due to recent price declines.

Lead was $55 higher to $2,120 per tonne after inventories fell to 91,575 per tonne, while aluminium gained $11 to $2,917 per tonne.

Zinc bucked the trend, dropping $28 to $1,737 per tonne.

Gold and silver were down in midday trade in New York as the US dollar strengthened versus the euro on speculation that Eurozone interest rates will not go up this year.

Decmeber gold was down $2 to $881 per troy ounce at midday in New York, while September silver was 19 cents lower to $16.32 per troy ounce.