News helps copper prices

Copper prices were higher Thursday on several bits of good economic news.

In the US, the good news came in the form of a decline in continuing jobless claims announced by the Labor Department, while at the same time the US dollar weakened to make gold look better as an investment.

Additionally, China’s central bank said it would maintain its current relaxed monetary policy while economic confidence was up in the Eurozone in July.

September copper added 9 cents to $2.56 per pound in New York trade, while three-month copper was up $201 to $5,616 per tonne on the London Metal Exchange.

Among precious metals, in the meantime, December gold was $7.60 higher to $937.30 per troy ounce while September silver added 23 cents to $13.49 per troy ounce and October platinum was up $16.80 to $1,189 per troy ounce.

In morning trade, September palladium had added $4.50 to $260 per troy ounce.

An official of the World Gold Council, an industry association representing gold mining companies, said that prices will climb back to $1,000 per troy ounce soon on more demand for both jewelry and investment while at the same time supplies are diminishing.