Copper prices gain on dollar, South American strikes

Copper prices were up Monday as the US dollar weakened again, and on strikes by miners in Peru and Chile.

The strike at a BHP Billiton (ASX: BHP; LSE: BLT; NYSE: BHP) mine in Chile, now in its 7th day, has caused output to slow there, according to a company spokesman.

Meanwhile, the strike in Peru targeted a dozen locations and was scheduled to last 2 days, but late reports said there was only limited support for the strike there and that at least some of the mines involved were operating normally.

December copper added 12 cents to $2.97 per pound in New York trade, while three-month copper was up $210 to $6,440 per tonne on the London Metal Exchange.

Prices for other base metals were also higher in London.

Precious metals prices were also higher as the dollar weakened, with December gold adding $6.70 to $1,058.20 per troy ounce in New York while December silver was up 21 cents to $17.63 per troy ounce and January platinum was $15.70 to $1,364.20 per troy ounce.

In mid-morning trade in New York, December palladium followed platinum higher to gain $2.35 to $333 per troy ounce.