Copper gains in London, falls slightly in New York

Copper prices were mixed Monday, falling just a bit in New York but gaining in London even though London Metal Exchange stockpiles of the metal added 3,650 tonnes to 344,350 tonnes, another new multi-month high, during the session.

December copper was down a cent to $2.73 per pound in New York trade, while three-month copper added $19 to $6,009 per tonne in London.

Some analysts expect the metal, used in manufacturing and construction, to go lower amid rising inventories, reduced demand from China and mixed economic data from the US that indicates that economic recovery might not be moving quite as quickly as had been hoped.

Aluminium added $18 to $1,833 per tonne in London as inventories fell by 5,525 tonnes but remained near record highs, and only saw the gains after falling to $1,778 per tonne, its lowest level in two months, while lead gained $22 to $2,207 per tonne.

Zinc was $2 lower to $1,878 per tonne while nickel dropped $150 to $16,750 per tonne and tin traded even at $14,400 per tonne.

Precious metals saw slight gains after gold advanced on a weaker US dollar that made it look like a safer investment.

December gold was $2.50 higher to $994.10 per troy ounce in New York trade while December silver added 14 cents to $16.20 per troy ounce and January platinum gained $1.90 to $1,290.80 per troy ounce.