Copper up but closes well below session highs
by Elaine Frei
Most base metals prices were higher Tuesday.
Three-month copper added $185 to $5,300 per tonne on the London Metal Exchange while December copper was up 8 cents to $2.39 per pound in New York
Copper had gone as high as $5,615 per tonne in London, but dropped on pessimism after European equities markets closed off session highs and a rally on Wall Street fizzled.
Aluminium added $32 to $2,282 per tonne in London, while lead was up $75 to $1,640 per tonne and tin gained $470 to $14,995 per tonne.
Nickel was unchanged at $12,800 per tonne after going as high as $13,750 per tonne earlier, while zinc dropped $70 to $1,410 per tonne.
Precious metals prices were mixed as December gold dropped $2.50 to $840 per troy ounce in New York as the US move to spend $250 billion more on banks in the US reduced demand for the metal as a safe haven, but silver added 27 percent to $11.06 per troy ounce.
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