Copper gains $75 despite demand concerns

Base metals prices were higher Thursday even though prospects for demand for the metals remained poor, with most gains supported by the prospect that miners will cut output.

Three-month copper added $75 to $5,240 per tonne and went as high as $5,429 per tonne in London while December copper added 5 cents to $2.41 per pound in New York trade.

Aluminium added $57 to $2,307 per tonne while zinc was up $68 to $1,498 per tonne, lead was $85 higher to $1,660 per tonne, tin added around $100 to $14,800 per tonne and nickel was up $200 to $13,400 per tonne.

Lead and zinc prices were supported by closure of some southwestern Chinese smelters due to an arsenic discharge, which is likely to cut output of the two metals by around 20 percent in the fourth quarter.

Precious metals prices were mixed as December gold dropped $20.00 to $886.50 per troy ounce in New York but December silver added 10 cents to $11.87 per troy ounce and January platinum gained $31.60 to $1,043.70.