Copper prices gain on dollar, data

Copper prices were higher Monday, to their highest level since August 2008 as the US dollar weakened, another strike commenced in Chile and on new data showing growth in US manufacturing in Decmeber.

March copper added 6 cents to $3.41 per pound in New York trade, while three-month copper was up $125 to $7,500 per tonne on the London Metal Exchange.

Gains were held back, however, by the news that construction spending was down in the United States in November and on another gain in LME stockpiles, which added 75 tonnes on the session to 502,400 tonnes.

Nickel stockpiles also grew in LME-monitored warehouses but aluminium inventories declined, although they remained near record highs.

The price of nickel in London still added $425 to $18,950 per tonne, while aluminium was up $36 to $2,266 per tonne.

Additionally, zinc was $10 higher to $2,570 per tonne, lead added $83 to $2,515 per tonne and tin gained $490 to $17,440 per tonne on the session.

Precious metals prices were also higher as February gold was up $22.10 to $1,118.30 per troy ounce in New York trade while March silver added 62 cents to $17.46 per troy ounce and April platinum gained $52.90 to $1,523.90 per troy ounce.