Copper prices rise on positive manufacturing news
by Elaine Frei
Copper prices were higher Thursday, helped by gains in equities markets, a weaker US dollar and news on manufacturing from the United States and China.
The US Commerce Department reported that US factory orders were up 1.8 percent in February, from January, while China’s Federation of Logistics and Purchasing said that manufacturing was up in China in March.
All this news worked together to make investors a little more optimistic about the prospects of the economy in general and about the possibility that demand for copper could begin to recover.
May copper added 4 cents to $1.89 per pound in New York, while three-month copper was up $115 to $4,175 per tonne on the London Metal Exchange.
Precious metals prices were mixed as July platinum added $22 to $1,165.80 per troy ounce and May silver gained 5 cents to $13.03 per troy ounce, but June gold dropped $18.80 to $908.90, all in New York trade.
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