Manufacturing data sends copper prices higher

Copper prices were higher Friday, helped by a report from the Federation of Logistics and Purchasing in China which showed that manufacturing there expanded for a second consecutive month, while a separate report showed that US manufacturing contracted less than had been anticipated in April.

In addition, London Metal Exchange copper inventories fell to 398,700 tonnes during the session, a decline of 1.7 percent after falling nearly by nearly 20 percent in April.

July copper was 5 cents higher to $2.10 per pound in midday trade in New York, while three-month copper gained $159 to $4,590 per tonne, or $2.09 per pound, in London.

Precious metals prices, meanwhile, were mixed as July silver added 25 cents around midday to $12.57 per troy ounce while at the same time June gold was down 80 cents to $890.40 per troy ounce and July platinum dropped 20 cents to $1,106.60 per troy ounce.