Most metals higher on oil; silver prices decline

Most metals prices were higher Wednesday as oil prices climbed again and the US dollar weakened in relation to the euro.

A few metals prices, however, fell including December silver, which dropped 11 cents to $13.57 per troy ounce in New York trade, while in London three-month aluminium was down $3 to $2,765 per tonne even though inventories were down by 2,200 tonnes on the session and tin fell $150 to $20,550 per tonne.

Among precious metals, December gold was up $5.90 to $834 per troy ounce while October platinum gained $19.60 to $1,440.70 per troy ounce.

Zinc added $59 to $1,849 per tonne as London Metal Exchange inventories fell 1,300 tonnes, while three-month copper was up about $75 to trade in a range around $7,650/$7,655 per tonne in London and Decmeber copper added 3 cents to $3.45 per pound in New York trade even though stockpiles in LME warehouses added 950 tonnes on the session.

Lead was $195 higher to $2,050 per tonne on more imports by China and as LME inventories dropped by 3,050 tonnes while nickel gained $970 to $21,000 per tonne.