Copper higher in London, New York

Copper prices were higher Tuesday as the US dollar weakened, after London Metal Exchange stockpiles dropped for the 10th consecutive session, and as most investors anticipated that the US Federal Reserve will hold interest rates steady for the time being and will indicate that they will probably continue to keep rates very low for the foreseeable future.

Three-month contracts for copper on the LME added $90 to $7,400 per tonne in London, while April contracts in New York added 5 cents to $3.36 per pound..

Concerns about supplies in Chile also helped keep prices up as power issues in the wake of last month’s earthquake and large continuing aftershocks threaten production facilities in the world’s biggest supplier of the metal used in construction and manufacturing.

Aluminium was up $31 to $2,258 per tonne in London while zinc was $27.50 higher to $2,307 per tonne and lead added $17 to $2,220 per tonne.

Tin was last bid at $17,550 per tonne, up $140, and nickel’s last bids gained $375 to $21,875 per tonne.

Precious metals prices in New York were also up as April gold added $17.10 to $1,122.20 per troy ounce, April silver was up 25 cents to $17.33 per troy ounce and April platinum gained $14.90 to $1,628.80 per troy ounce.