Lead prices gain again; other base metals lower

Lead prices were up again Tuesday, adding $36 to $2,061 per tonne on the London Metal Exchange as producer Hunan looked at smelters after instances of lead poisoning in Shaanxi province.

The price of lead was up to $2,068 per tonne earlier in the session on a warning that more smelters could be closed in China.

Other base metals prices were lower on the session.

Copper dropped $107 to $6,311 per tonne in London and December copper was down 6 cents to $2.87 per pound in New York Trade on concerns that China has built up too much inventory after gains in imports in the first half of the year, so that demand will fall in the coming months.

Also causing concerns was another build of LME copper stockpiles, up 3,875 tonnes on the session to 296,600 tonnes.

Zinc was $4 lower to $1,852 per tonne while aluminium fell $27 to $1,900 per tonne as inventories fell by 3,575 tonnes but remained at near-record levels above 4.6 million tonnes.

Nickel dropped $245 to $19,355 per tonne.

Precious metals prices were mixed as December gold added $2.30 to $946 per troy ounce in New York trade and December silver was up 12 cents to $14.35 per troy ounce but October platinum dropped 30 cents to $1,247.80 per troy ounce.