Lead prices up on declines in inventories

Base metals prices were mixed Friday while precious metals prices declined on the session.

Lead added $100 to $1,460 per tonne in London trade on a decline in London Metal Exchange inventories.

LME lead inventories dropped 1,650 on the session to 59,425 tonnes, with 20 percent of that amount unavailable because it is already marked for delivery.

Decmeber copper added 9 cents to $2.18 per pound in New York and was up $146 to $4,806 per tonne as LME inventories stood at 211,450 tonnes, while pressure was on copper prices to rise due to the likelihood that workers at a copper  mine in Peru could strike for the third time this year next week as union members seek an 11 percent pay increase.

Aluminium added $45 to $2,225 per tonne while zinc also added $45, to $1,225 per tonne, but nickel dropped about $100 to $10,850 per tonne and tin fell by approximately $500 to $13,500 per tonne.

December gold was $16.80 lower to $787.70 per troy ounce in New York on a decline in US housing starts and in the number of building permits issued in September.

The declines in new homes started and permits to start more new homes eased fears of inflation, cutting the demand for gold as an inflation-proof investment.

December silver fell 30 cents to $9.34 per troy ounce, also in New York trade, while January platinum dropped $10.30 to $881 per troy ounce.