Copper rises as precious metals decline
by Elaine Frei
The price of gold was lower Thursday on slower demand while silver and platinum prices also fell but copper saw gains after the dollar weakened during the session.
May contracts for copper added 3 cents to $1.49 per pound in New York and three-month copper was up $107 to $3,342 per tonne, or $1.42 per pound, on the London Metal Exchange.
The gains came even though LME inventories added 2,950 tonnes to 528,250 tonnes during the day although demand was up due the decline in the value of the US dollar.
April gold was $1.70 lower to $976.50 per troy ounce in New York as a new report said that demand for gold as an investment has overtaken demand for the precious metal for jewelry, which is down 11 percent this year.
March silver was up 36 cents to $13.94 per troy ounce, while April platinum dropped $22.40 but remained above the $1,000 level at $1,072 per troy ounce.
Add to Bookmarks:
Related posts to: Copper rises as precious metals decline
Copper rising despite production strikes ...
Gold rises as dollar weakens ...
Copper rises above $5,000 per tonne in London ...
Base metals prices reach records on week ...
Gold gains as demand rises on data ...
Latest Metals News:
Copper up in London; inventories fall, cancelled warrants rise Copper gains on US jobs data, China comments Copper up on weaker dollar Copper prices climb after Chile quake Metals prices mixed in New York, London Gold down slightly in NY on stronger dollar Copper prices up after last week’s declines Copper, other metals continue price declines Copper in big declines on economic concerns Copper, other metals gain againPrevious: « Copper prices climb on stockpile decline
Next: Gold passes $1,000 per ounce »
Visited 2996 times, 4 so far today