Copper up on weaker dollar

Copper prices were up again Wednesday as the US dollar weakened and cancelled warrants in London Metal Exchange-monitored warehouses were up, but gains were limited by a return to production of mines in Chile after stoppages due to last weekend’s magnitude 8.8 earthquake there.

Additionally, demand from China remains week, hurting prices.

Three month copper was up $90 to $7,580 per tonne on the LME as inventories dropped by 1,750 tonnes and cancelled warrants, warehoused copper that is marked for delivery, were up overnight by 6,175 tonnes to 35,975 tonnes, while May copper added 2 cents to $3.44 per pound in New York trade.

Among other base metals, lead added $38.50 to $2,238.50 per tonne, while aluminium was up $42 to $2,210 per tonne, zinc was $65 higher to $2,320 per tonne and nickel gained $605 to $22,845 per tonne.

Tin went untraded at the close in London, but last bids for the metal were up $275 to $17,350 per tonne.

Precious metals prices were also higher as April gold added $5.90 to $1,143.30 per troy ounce, May silver was up 27 cents to $17.33 per troy ounce and April platinum gained $4.70 to $1,5890.70 per troy ounce.