London copper prices up on eurozone data

Copper prices were up in London Friday after an Ifo survey showed that German business sentiment was up to 87.3 in July, from 85.9 in June and on better news from the service and manufacturing sectors in the Eurozone.

Three-month copper was up $25 to $5,555 per tonne in London even though London Metal Exchange inventories of the metal were up by 2,225 tonnes to 273,950 tonnes during the session.

However, weaker consumer sentiment in the United States held September copper to little changed from Thursday’s levels at $2.52 per pound in midday trade in New York.

Aluminium added $28 to $1,813 per tonne after inventories fell for the second day in a row in London, from a record 4.56 million tonnes on Wednesday.

Zinc added 0.1 percent to $1,700 per tonne while lead was up 1.2 percent to $1,765 per tonne, nickel was 1.4 percent higher to $16,630 per tonne and tin gained 1.5 percent to $14,700 per tonne.

Meanwhile among precious metals, August gold was up $2 to $952.80 per troy ounce in afternoon trade in New York while September silver had added 7 cents to $13.84 per troy ounce.