Metals see price gains in New York

The price of copper was higher in New York Wednesday on speculation that 4 trillion yuan ($585 billion) in expected stimulus spending in China will increase demand for the metal, used in construction and manufacturing.

May copper added 1 cent to $2 per pound on the COMEX division of the New York Mercantile Exchange.

Precious metals prices were also higher in New York.

June gold added $2.60 to $885.90 per troy ounce on higher demand.

May silver added 13 cents to $12.34 per troy ounce while July platinum was up $12.40 to $1,187.40 per troy ounce and June palladium was $8.25 higher to $234.25 per troy ounce.

The rise in platinum and palladium prices came after the U.S. Treasury began a support program through General Motors (NSYE: GM) and Chrysler which is designed to help manufacturers of automobile parts get through the recession.

Each carmaker will receive government funds that will allow them to pay off their suppliers.

Both platinum and palladium are used in the manufacture of pollution-control devices for motor vehicles.