Base metals prices gain on demand hopes
by Elaine Frei
Base metals prices saw more gains Wednesday as it looked as if demand for the metals used in construction and manufacturing could be on the rise.
May copper was up 4 cents to $1.54 per pound in New York while three-month copper added $125 to $3,410 per tonne in London.
The gains came as the amount of the metal scheduled to be removed from warehouses monitored by the London Metal Exchange was up to 30,375 tonnes, an indication that demand is growing.
In addition, zinc added $24 to $1,135 per tonne in afternoon trade in London after China bought domestic supplies to shore up its government reserves.
Aluminium was up $16 to $1,345 per tonne, lead added $35 to $1,030 per tonne, tin was $225 higher to $10,750 per tonne, and nickel gained $270 to $10,080 per tonne.
Meanwhile, precious metals prices were mixed as April platinum added $10.40 to $1,055.90 per troy ounce but gold and silver saw declines.
April gold was down $3.30 to $966.20 per troy ounce in New York, while May silver dropped 12 cents to $13.91 per troy ounce.
Despite gold’s decline on the session, analysts suspect that prices will rise as investors worry that the recession will deepen and credit markets will remain tight, making gold appear to be a safer place to put their cash.
Related posts to: Base metals prices gain on demand hopes
Copper, gold gain on weaker dollar ...
Gold adds $8 in New York to end week ...
Platinum prices gain on China hopes ...
Copper prices gain on demand hopes ...
Gold, most other metals prices gain on weaker US dollar ...
Latest Metals News:Gold ends session lower in New York, but gains on week
Gold prices retreat after setting new intraday high
Gold closes at $1,666 per ounce in New York trade
Gold prices at new records on disappointing US data
Gold prices lower but comes off session lows on manufacturing data
Gold sets new intraday, closing highs to end trading week in New York
Copper rises; precious metals prices see declines
Gold prices drop on profit-taking, stronger US dollar
$1,616.80 per troy ounce: Another record high for gold
Gold trades as high as $1,624.30 per ounce in New York
Previous: « Aluminium gains despite record inventories
Next: Precious metals prices slide as gold demand falls »
Visited 4421 times, 1 so far today