Higher factory output in Japan helps copper prices

Copper prices were higher Friday, helped by positive economic data which included a gain of 5.2 percent in Japanese factory output in April over March, consumer confidence that was up in the United States and held steady in the UK, and a 5.8 percent expansion in India’s economy in the first quarter.

On the other hand, the US Commerce Department said that the US economy shrank by 5.7 percent on an annualized basis in the first quarter.

July copper added 6 cents to $2.20 per pound, bringing price gains for the metal used in manufacturing and construction up 56 percent so far this year, while three-month copper was up $70 to $4,820 per tonne on the London Metal Exchange.

Aluminium, nickel, tin, lead, and zinc all saw price gains as well, in the 1.8 percent to 5.9 percent range on the session.

Among precious metals, August gold was up $17.10 to $980.30 per troy ounce while at the same time July silver added 45 cents to $15.61 per troy ounce and July platinum gained $46.20 to $1,196 per troy ounce.