Aluminium gains on demand hopes

Aluminium prices were higher Tuesday in London, adding $17 to $1,843 per tonne in afternoon trade there on the prospect of increased demand as inventories dropped by 4,225 tonnes during the day, even though stockpiles remain near record highs and are still up 3.5 percent this month.

On the other hand, zinc and lead inventories were higher as zinc stockpiles were at 368,475 tonnes, their highest in more than three years and lead stockpiles were at 98,475 tonnes as they reached their highest level in over a year.

Zinc prices were up 0.9 percent in London trade while lead prices remained unchanged and tin declined by 0.3 percent.

Meanwhile, September copper dropped 2 cents to $2.52 per pound in New York trade but was up 0.3 percent in afternoon trade on the Londom Metal Exchange.

Gold prices were lower, falling $14.60 to $941.70 per troy ounce, as the US dollar gained on the euro, making metals less attractive for investment purposes.

September silver was 25 cents lower to $13.74 per troy ounce while October platinum dropped $25.90 to $1,196.60 per troy ounce.