Copper, aluminium prices climb as other base metals fall

Base metals prices were mixed Thursday, with copper up on new demand concerns and aluminium higher on an 8-month low in stockpiles while other prices fell.

Three-month copper added $24 to $7,464 per tonne on the London Metal Exchange, while April contracts added 1 cent to $3.38 per pound in New York trade.

The gains for the metal used in construction and manufacturing came on new fears that China could tighten monetary policy again, cutting demand for copper there, after new data showing that inflation hit a 16-month peak in February.

Additionally, inventories of copper in warehouses monitored by the LME fell by 2,525 tonnes on the session.

There was also a strong aftershock to the recent magnitude 8.8 earthquake in Chile, but mines there reported no damage and traders said the news had no real impact on prices.

Aluminium prices were $3 higher to $2,235 per tonne after LME inventories dropped 4,625 tonnes and stockpiles already marked for delivery rose.

The price of lead, on the other hand, was down $38 to $2,251 per tonne while zinc dropped $39 to $2,337 per tonne, nickel was $225 lower to $21,295 per tonne and tin fell $400 to $17,350 per tonne on the session.

Meanwhile, among precious metals, April gold traded even in New York at $1,108.10 per troy ounce while May silver was up 15 cents to $17.17 per troy ounce and April platinum gained $18.20 to $1,608.40 per troy ounce.