Copper adds 17 cents per pound in New York

Base metals prices were higher Monday as global equities markets tried to bounce back from last week’s steep declines and after European leaders agreed over the weekend to help out banks in the region.

December copper was 17 cents higher to $2.31 per pound in New York and three-month copper jumped $315 to $5,115 per tonne in London after Chile’s biggest copper mine said late last week that it had to shut down a mill used to crush rock to get to ore and so would not be able to meet some of its contractual obligations.

Aluminium was up $35 to $2,250 per tonne after China’s top supplier said it will cut prices in the face of weak demand.

Zinc was up $40 to $1,480 per tonne, while lead was $90 higher to $1,565 per tonne, tin added $475 to $14,525 per tonne and nickel gained $625 per tonne.

At last report, December gold had dropped $24.80 to $834.20 per troy ounce in New York after equities markets gained globally, cutting demand for the precious metal as a safe haven, but December silver added 13 cents to $10.73 per troy ounce.