Copper, other industrial metals in gains
by Elaine Frei
Base metals prices were higher Friday on a better outlook for demand after the US and other governments began to put plans into place to deal with the effects of the credit crisis on the financial sector.
December copper added 11 cents to $3.18 per pound in New York while three-month copper added $311 to $7,060 per tonne on the London Metal Exchange even though LME inventories are at a 19-month high at 209,800 tonnes and there are still questions about US demand in a climate of reduced construction activity.
Aluminium added $40 to $2,535 per tonne after hitting its lowest level in eight months on Thursday while zinc was up $42 to $1,758 per tonne, tin was around $75 higher at $16,900 per tonne, and lead was up $95 to $1,900 per tonne and went as high as $1,910 per tonne earlier on a decline in inventories in London.
Nickel added $150 to $16,900 per tonne even though demand growth projections for the metal for use in stainless steel was cut from 8 to 12 percent this year to only 3 to 5 percent growth.
Precious metals prices were mixed.
December gold dropped $32.90 to $864.10 per troy ounce and December silver was down 26 cents to $12.44 per troy ounce, but October platinum added $9.40 to $1,147 per troy ounce.
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