Copper prices up, but not by much

Copper prices were higher Monday, but only by a little after gains in European and US equities markets.

Prices also held close to the previous session’s levels after copper producer Freeport-McMoRan said that operations at one of its mines in Indonesia had not been disrupted by the discovery of a third body after two attacks over the weekend on individuals connected to the mine.

The shootings have not been attributed to any individual or group by officials, but the area is part of territory for which the Free Papua Movement is seeking independence.

September copper added a cent to $2.22 per pound in New York trade, while three-month copper traded at $4,853.75 per tonne in London after London Metal Exchange inventories fell to 257,225 tonnes during the session.

Precious metals prices were also higher after the US dollar weakened, creating more demand for the metals as a less-risky investment.

August gold was up $9.50 to $922 per troy ounce while September silver added 13 cents to $12.77 per troy ounce and October platinum gained $9.70 to $1,117.30 per troy ounce.

Earlier, in mid-day trade, September palladium dropped 75 cents to $234.20 per troy ounce.