Copper up despite gains in London stockpiles

Copper prices were higher Thursday as the US dollar weakened and on concerns that a possible miners’ strike in Chile could tighten supplies.

March copper was up 9 cents to $3.29 per pound in New York trade, while three-month copper contracts in London added $70 to $7,070 per tonne after going as high as $7,130 per tonne earlier in the session.

The gains came even though London Metal Exchange-monitored warehouses added 2,025 tonnes to stockpiles on the session.

Nickel was also higher despite a gain of 1,836 tonnes to stockpiles, to a new record high of 152,400 tonnes, as prices rose to as much as $18,900 per tonne before ending the session up $325 to $18,750 per tonne.

Zinc prices hit $2,551 per tonne before ending $48 higher to $2,491 per tonne while aluminium was up $1 to $2,255 per tonne, lead added $11 to $2,343 per tonne and tin gained $125 to $16,150 per tonne on the session.

Among precious metals, February gold was up $10.80 to $1,104.80 per troy ounce in New York while March silver added 25 cents to $17.44 per troy ounce, April platinum was $41.10 higher to $1,474 per troy ounce and, in morning trade, palladium gained $25.65 to $379 per troy ounce.