New manufacturing data helps copper prices

Copper prices saw gains Wednesday after new data was released showing that manufacturing in the New York region decline less in July than it has in a year and that June’s industrial production in the US as a whole contracted more slowly than it has in eight months.

September copper was 9 cents higher to $2.39 per pound in New York trade, while three-month copper added $204 to $5,249 per tonne on the London Metal Exchange.

Freeport-McMoRan (NYSE: FCX) insisted that its request that several hundred workers at an Indonesian mine stay home after the recent killings of two employees will not affect operations at the mine, which is one of the world’s biggest.

Prices for aluminium, tin, zinc, lead and nickel all were also higher in London trade.

Meanwhile, precious metals were also higher as the US dollar weakened and investors looked for safe places to put their money.

August gold was up $17 to $939.80 per troy ounce in New York while September silver added 34 cents to $13.20 per troy ounce and October platinum gained $22.80 to $1,157.90 per troy ounce.