Price of copper, other metals helped by US GDP report

Metals prices were higher Thursday on a report showing that the US has likely emerged from the recession and on a weaker dollar.

December copper was up 10 cents to $3.03 per pound in New York trade, while three-month copper added $234.50 to $6,664.50 per tonne on the London Metal Exchange.

Demand hopes were stimulated by the news from the US Commerce Department that the United States gross domestic product was up by 3.5 percent in the third quarter, a sign that the US economy has exited the recession.

Other factors helping to push copper higher was a decline of 325 tonnes in LME copper inventories on the session and the likelihood that a strike at a copper mine in Chile, now in its 17th day and with no immediate prospects for an end, has caused the mine to reduce production.

Other base metals prices also saw gains as aluminium added $43 to $1,955 per tonne, zinc was up $75 to $2,265 per tonne, lead was $134 higher to $2,365 per tonne, tin added $350 to $15,000 per tonne, and nickel gained $890 to $18,690 per tonne.

Among precious metals, December gold added $16.60 to $1,047 per troy ounce in New York trade, while December silver was up 42 cents to $16.66 per troy ounce, January platinum was $31.30 higher to $1,338,20 per troy ounce and, in mid-morning trade, December palladium added $7.55 to $324.95 per troy ounce.