Copper higher on dollar, sentiment

A weaker dollar and analyst sentiment helped copper prices rise Thursday.

September copper added 8 cents to $2.24 per pound in New York trade, while three-month copper was up $170 to $4,895 per tonne on the London Metal Exchange.

An analyst report said that a slowdown in purchases of the metal, used in construction and manufacturing, by China predicted for the next couple of months, would be balanced out by buying from investors.

In addition, Citigroup (NYSE: C) upped its forecast for the average spot price of copper for the next two years.

Prices for other base metals were mixed as lead added 1.1 percent to $1,628 per tonne, zinc prices were up 1.4 percent to $1,528 per tonne and aluminium gained 2.5 percent to $1,589 per tonne, but nickel fell 0.2 percent to $14,920 per tonne and tin dropped 4.4 percent to $12, 705 per tonne.

Precious metals prices were also higher on the session as August gold added $6.90 to $916.20 per troy ounce in New York, September silver was up 9 cents to $12.95 per troy ounce and October platinum gained $8.70 to $1,110.50 per troy ounce.