Copper rises above $5,000 per tonne in London

Copper prices were higher again Thursday to close above $5,000 per tonne as the US dollar weakened and not as many individuals filed new unemployment claims in the United States last week.

July copper was up 9 cents to $2.30 per pound in New York trade while three-month copper added $110 to $5,025 per tonne at the close on the London Metal Exchange.

Aluminium, meanwhile, added $82.50 to $1,564.50 per tonne as LME inventories dropped 6,900 tonnes, the first decline in stockpiles in over a month.

Still, analysts are worried that smelters getting ready to restart in China will add even more than the already high 4.2 million tonnes in LME inventories to supplies in storage.

Other base metals also saw gains as zinc was up $40 to $1,575 per tonne, lead added $10 to $1,665 per tonne, tin was $200 higher to $14,700 per tonne and nickel gained $500, also to $14,700 per tonne.

Gold and silver rose on speculation that a weaker dollar will send inflation higher and make precious metals look like a good, safe place to protect cash.

August gold was up $16.70 to $982.30 per troy ounce in New York while July silver added 59 cents to $15.90 per troy ounce and July platinum gained $48.80 to $1,293 30 per troy ounce.