Copper, other base metals see gains

Copper prices were up Tuesday on new data showing home sales and manufacturing up in the United States.

The National Association of Realtors reported that pending existing home sales were up 6.3 percent in December, while the Institute for Supply Management said Monday that US manufacturers saw new orders grow in January.

March copper added 9 cents to $1.52 per pound in New York, while three-month copper added $200 to $3,375 per tonne in London in late afternoon trade there.

The gains came even though copper inventories in London Metal Exchange warehouses added 4,100 tonnes during the session, overshadowing the gain of 325 tonnes recorded Monday.

Other base metals prices were also up on the session as aluminium gained $20 to $1,410 per tonne, zinc was up $63.50 to $1,177 per tonne, lead was $65 higher to $1,170 per tonne, nickel added $345 to $11,650 per tonne and tin gained $450 to $11,000 per tonne.

Among precious metals, meanwhile, April gold dropped $15.70 to $891.50 per troy ounce while March silver fell 12 cents to $12.30 per troy ounce and April platinum was down $15.60 to $963.50 per troy ounce.