Copper prices up; gold reaches another new record

Copper prices were up Wednesday as the US dollar weakened and as investors waited for the US Federal Reserve to release its most recent decision on interest rates, although with sentiment expecting the Fed to hold rates steady again this month they were more interested in any hints for future moves that might come in the statement accompanying the decision.

December copper added 4 cents to $2.99 per pound in New York trade while three-month copper added $110 to $6,570 per tonne on the London Metal Exchange even though continuing high inventories in LME warehouses kept concerns regarding demand in view.

Aluminium was up $13 to $1,921 per tonne in London on gains in US car sales in October, while zinc added $49 to $2,229 per tonne, lead was $80 higher to $2,350 per tonne, nickel was up $100 to $17,900 per tonne and tin gained $210 to $15,000 per tonne.

December gold ended $2.10 higher to $1,087 per troy ounce in New York trade, but not before going as high as $1,096.50 per troy ounce during the morning session, while December silver added 22 cents to $17.40 per troy ounce.

Earlier, in mid-morning trade, January platinum was $21 higher to $1,377.20 per troy ounce on the good news about US auto sales, while at the same time December palladium had added $4 to $331.75 per troy ounce.

Both platinum and palladium are used in the manufacturing of pollution control devices for cars and trucks.