Copper gains on GDP news from France, Germany

Copper prices were higher Thursday in New York and London after Germany and France each saw their gross domestic product rise in the second quarter and on remarks from the US Federal Reserve indicating that the worst of the recession could be over.

This good economic news led to speculation that demand for metals could rise.

September copper added 9 cents to $2.91 per pound in New York trade, while three-month copper added 3.2 percent to $6,386 per tonne during the session in London.

Other base metals were also higher in London trade.

Nickel added $1,450 to $21,100 as strikes against a nickel producer in Canada continued.

Tin was up 1.8 percent to $15,118 per tonne while lead gained 3.6 percent to $1,913 per tonne, aluminium added 4.2 percent to $2,068 per tonne, and zinc was 4.3 percent higher to $1,930 per tonne.

Gold and other precious metals also saw gains as the US dollar weakened for the third consecutive session.

December gold was up $4 to $956.50 per troy ounce in New York trade, September silver added 41 cents to $14.99 per troy ounce and October platinum gained $28.30 to $1,272.70 per troy ounce.

Earlier, in late morning trade in New York, September palladium was $4.80 higher to $278.15 per troy ounce.