Copper follows equities higher

A weaker US dollar and increased investor confidence on gains in equities markets helped copper prices to gains on Tuesday.

September copper added 8 cents to $2.30 per pound in New York trade, while three-month copper added $150 to $5,045 per tonne after going as high as $5,080.50 per tonne earlier in the session in London as London Metal Exchange stockpiles of the metal fell 325 tonnes to 256,900 tonnes.

The weaker US currency made metals less expensive for buyers using other currencies.

Aluminium, meanwhile, added $33 to $1,594 per tonne in London even as inventories remained above 4.4 million tonnes, in record territory.

Lead was up $35 to $1,590 per tonne while zinc added $50 to $1,490 per tonne, tin was $600 higher to $12,900 per tonne and nickel gained $775 to $15,500 per tonne.

The weaker dollar also helped precious metals to gains.

August gold added 30 cents to $922.80 per troy ounce in New York while September silver was up 7 cents to $12.86 per troy ounce and October platinum gained $17.80 to $1,135.10 per troy ounce.