Copper prices up after last week’s declines

Copper prices saw gains Monday on bargain buying after last week’s declines, which sent the price of copper 20 percent lower than its year-to-date peak right after the beginning of January.

March copper added 6 cents to $2.91 per pound in New York trade, while three-month copper on the London Metal Exchange gained $185 to $6,450 per tonne after going as high as $6,475 per tonne earlier in the session.

Gains for copper and other metals came even though metals are not expected to trade heavily until after China’s markets re-open on 22 February after closing on 14 February in observance of the Lunar New Year.

Aluminium was higher in London trade after stockpiles dropped by 7,450 tonnes, with prices ending $32 higher to $2,012 per tonne, while lead was up $25 to $1,965 per tonne, zinc added $82.50 to $2,022.50 per tonne and nickel gained $195 to $17,200 per tonne.

Tin, on the other hand, dropped $150 to $15,200 per tonne in London.

Gold prices gained on dollar weakness, with April contracts in New York adding $13.40 to $1,066.20 per troy ounce while March silver was up 26 cents to $15.09 per troy ounce and April platinum gained $3.30 to $1,478.40 per troy ounce.