Copper prices gain on China import data

Copper prices were up Wednesday on new data showing that China imported 399, 052 tonnes of copper and copper-related products in September, a gain of 23 percent over August’s imports and almost 100,000 tonnes more than had been expected.

Also helping prices was a continued weakening of the US dollar and a report showing that retail sales in the United States fell less than expected in September, but demand concerns remained as stockpiles of the metal in London Metal Exchange-monitored warehouses added another 5,275 tonnes during the day.

December copper was 5 cents higher to $2.84 per pound in New York trade while three-month copper added $80 to $6,220 per tonne in London.

Other base metals prices were mixed as zinc added $9 to $2,034 per tonne, lead was up $15 to $2,185 per tonne and nickel gained $395 to $18,550 per tonne, but aluminium dropped $2 to $1,905 per tonne.

Tin, which went untraded, saw its last bid down $150 to $14,250 per tonne.

Among precious metals, gold prices fell 40 cents to $1,064.60 per troy ounce, recouping most of a loss of a few dollars on profit-taking by the close of floor trade in New York.

December silver added 8 cents to $17.92 per troy ounce and January platinum gained $5.90 to $1,366.60 per troy ounce, but in mid-morning trade December palladium was down $1 to $328.30 per troy ounce.