Copper, precious metals gain on weaker USD

Copper prices were higher Wednesday as the US dollar weakened and on concerns about a possible miners’ strike in Chile.

At late afternoon in London, three-month copper had added $89 to $6,970 per tonne, but a gain of another 1,875 tonnes in London Metal Exchange-monitored inventories held back further gains.

In New York, meanwhile, March copper added 6 cents to $3.20 per pound in midday trade.

Aluminium added $12 in London to $2,254 per tonne, while zinc, lead, tin and nickel all also saw price increases.

Prices for precious metals were also higher, primarily on the weaker dollar.

February gold was up $8.70 to $1,095.40 per troy ounce near midday in New York, while in mid-morning trade March silver had added 14 cents to $17.17 per troy ounce, January platinum was up $12.60 to $1,415.50 per troy ounce and March palladium had gained $6.80 to $361.05 per troy ounce.