Obama stimulus plan helps copper prices

The price of copper rose Friday on the chance that President-elect Barack Obama’s plan for rescuing the US economy could help demand for industrial metals.

The plan includes infrastructure improvements that could not only create jobs that could help pull the economy out of recession, but would also require the use of industrial metals in its building projects.

Additionally, China has said that it plans to increase its strategic inventories of industrial metals such as copper.

March copper added 8 cents to $1.56 per pound in New York, while three-month copper added $231 to $3,426 per tonne in London.

Precious metals prices were also up during the session as February gold added 50 cents to $855 per troy ounce around the close of floor trade in New York, while March silver was up 22 cents to $11.32 per troy ounce and April platinum was up $10.90 to $1,005.50 per troy ounce.