Metal prices mixed as US dollar strengthens

Metals prices were mixed Tuesday as the US dollar strengthened, making it more expensive for buyers using other currencies to make purchases.

March copper ended essentially even in New York at $3.13 per pound while three-month copper was $29 lower to $6.826 per tonne on the London Metal Exchange, but the declines for London copper did not come before the price for three-month contracts rose to $6,873.75 per tonne, its highest level in over a year.

The decline for copper came as LME inventories added 3,550 tonnes on the session to 410,000 tonnes.

Other base metals seeing declines included lead, which was down $5 to $2,385 per tonne in London while zinc fell $10 to $2,263 per tonne and tin dropped $35 to $14,950 per tonne.

Aluminium added $6 to $2,036 per tonne after going as high as $2,053.75 per tonne earlier in the session even though there are indications that demand from automobile manufacturers is declining after most of the day’s 23,300-tonne gain in inventories came in Detroit.

Nickel was also higher, adding $100 to $16,900 per tonne although stockpiles were up 1,032 tonnes to 132,912 tonnes, their highest level in at least 14 years.

Precious metals prices were also mixed as December gold traded even around the close of floor trade in New York at $1,139.40 per troy ounce while December silver fell a cent to $18.39 per troy ounce but January platinum added $17.90 to $1,462.50 per troy ounce.