Copper prices up as US home sales rise

The price of copper was up Friday on new data from the National Association of Realtors showing that US existing home sales were up 7.2 percent in July, boosting hopes of demand recovery although there were still concerns about demand from China.

September copper added 14 cents to $2.88 per pound in New York trade, while three-month copper was $221 hither to $6,270 per tonne on the London Metal Exchange.

Other base metals prices were also higher in London.

Aluminium added $24 to $1,930 per tonne, but earlier in the session it dropped to $1,872 per tonne.

Zinc was up $30 to $1,834 per tonne, lead added $43 to $1,863 per tone, nickel was $425 higher to $19,300, and tin gained $500 to $14,300 per tonne.

Precious metals prices were also up on the session, with platinum and palladium both up on threats of a strike next week at South Africa’s second-largest platinum producer.

October platinum added $17.20 to $1,259.20 per troy ounce while September palladium, which like platinum is used in the manufacture of pollution-control devices for cars and trucks, was up $7.90 to $284.50 per troy ounce in midday trade.

December gold was $13 higher to 954.70 per troy ounce and September silver gained 28 cents to $14.16 per troy ounce.