Metals prices rise on weaker US dollar

Copper prices were up Wednesday as the dollar weakened and as investors made purchases ahead of a week of holidays in China after prices fell significantly during last year’s holiday period there.

The gains came even though many analysts are still worried about possible price declines as demand in China drops.

December copper was up 9 cents to $2.82 per pound in New York, while three-month copper added $175 to $6,155 per tonne on the London Metal Exchange even though LME inventories were up by another 1,425 tonnes during the session.

Other base metals were also higher as aluminium added $38 to $1,890 per tonne even though LME inventories were up 3,075 tonnes on the session, while lead was up $52 to $2,284 per tonne, zinc was $85 higher to $1,968 per tonne, tin added $500 to $14,900 per tonne and nickel gained $705 to $17,850 per tonne.

Precious metals prices were also higher on the weaker dollar as December gold added $14.90 to $1,009.30 per troy ounce while December silver was up 48 cents to $16.66 per troy ounce and January platinum gained $24.70 to $1,302.90 per troy ounce.