Copper up on equities, higher China imports

Copper prices were higher Monday after imports of refined copper into China were reported up in February.

Also helping copper prices higher was the announcement of a new plan to rid US banks of toxic assets, this time a public/private effort, by the US Treasury Department.

New figures from the National Association of Realtors which showed that existing home sales rose by 5.1 percent in the US in February also gave a boost to the price of copper.

May copper was 5 cents higher to $1.84 per pound in New York, while three-month copper added $95 to $4,050 per tonne on the London Metal Exchange.

Meanwhile, gold was lower after sentiment raised by the US Treasury Department announcement and subsequent gains in global equities markets made the precious metal less attractive as an alternative investment.

April gold was $3.70 lower to $852.50 per troy ounce in New York trade, but May silver added 4 cents to $13.88 per troy ounce and April platinum gained $29.10 to $1,137.90 per troy ounce on the session.