Copper prices gain on lower LME inventories

The price of copper was up Wednesday after inventories in London Metal Exchange warehouses fell 8,825 tonnes during the session to bring declines in stockpiles over two days to 13,825 tonnes.

Prices were also higher on a weaker US dollar and on gains in equities markets during the day.

July copper was up 9 cents to $2.01 per pound in New York while three-month copper on the LME added $150 to $4,370 per tonne on the session.

Other base metals prices were higher as three-month aluminium added $21 to $1,427 per tonne despite continuing gains in inventories, while lead added $38 to $1,330 per tonne and nickel was up $480 to $11,400 per tonne, also despite gains in inventories.

Tin added $280 to $12,180 per tonne.

Precious metals prices were also up on the session in New York as June gold added $6.90 to $900.50 per troy ounce while July silver was 35 cents higher to $12.78 per troy ounce.

Prices for platinum and palladium were also up, with July platinum adding $5.20 to $1,106.80 per troy ounce while June palladium gained $6.35 to $223.10 in afternoon trade on a weaker US dollar which pushed demand for metals as an alternative investment higher.