Copper up in London; inventories fall, cancelled warrants rise

Copper traded about even at $3.41 per pound in New York in afternoon trade Tuesday, but it added $40 to $7,510 per tonne on the London Metal Exchange.

The declines came after inventories in warehouses monitored by the LME dropped 2,700 tonnes on the session to 538,875 tonnes during the session to their lowest levels since January after rising to five and a half year highs in February.

In addition, cancelled warrants – copper earmarked for delivery – were up.

Aluminium prices were also up, adding $27 to $2,258 per tonne as stockpiles fell to their lowest level in nine months and cancelled warrants climbed.

Among other base metals, zinc and tin were higher but lead and nickel prices fell on the session.

Precious metals prices were also mixed, as April gold fell $2.20 to $1,121.80 per troy ounce and April platinum was down $4.70 to $1,595.40 per troy ounce, but May silver added 6 cents to $17.33 per troy ounce.