Copper prices rise despite higher stockpiles

Base metals prices were higher Wednesday, with copper higher even  though inventories in London Metal Exchange warehouses gained for the first time since early last month.

July copper was up 10 cents to $2.19 per pound in New York while three-month copper added $215 to $4,750 per tonne in London despite a gain of 7,225 tonnes in LME-monitored warehouses and after cancelled warrants, which indicate quantities of the metal tagged for delivery, were down.

The advances came on gains in equities markets that helped hopes of demand recovery.

Aluminium was $28 higher to $1.570 per tonne despite inventories that continue at record highs, while lead added $35 to $1,450 per tonne, zinc was up $67 to $1,597 per tonne, nickel was $700 higher to $12,700 per tonne and tin gained $905 to $13,405 per tonne.

Precious metals prices also saw gains after a private report from ADP Employers Services said that the US private sector cut fewer jobs than had been expected in April.

June gold added $6.70 to $911 per troy ounce in New York while July silver was up 29 cents to $13.71 per troy ounce and July platinum gained $5.20 to $1,143.10 per troy ounce.