Copper rises; other base metals prices mixed

Base metals prices were mixed in London on Friday after the European Union agreed on a plan to help Greece out of its economic difficulties.

The plan will allow loans to Greece from eurozone nations, but only as a last resort and only if all eurozone members agree before the loans are extended, while the agreement also gives the International Monetary Fund role in Greece’s recovery.

Announcement of the plan strengthened the euro versus the US dollar, sending copper prices up $79 to $7,514 per tonne on the London Metal Exchange.

Also helping the price of copper rise was a report showing that US consumer sentiment held steady in March.

LME-monitored copper inventories were 1,900 tonnes lower on the session, which also pushed prices higher.

Lead added $48 to $3,125 per tonne even though inventories added 250 tonnes and a survey of analysts predicted that the average price of lead will fall in the second and third quarters of the year before starting to rise again in the fourth quarter, gaining on a forecast that China’s consumption of the metal used in the manufacture of batteries could go up by 20 percent this year.

Other base metals seeing gains included tin, which added $125 to $17,725 per tonne and nickel, which was up $775 to $23,600 per tonne.

The price of aluminium fell $2 to $2,200 per tonne even though inventories fell by 6,975 tonnes as they remained at a near-record 4.57 million tonnes, while zinc dropped $15 to $2.230 per tonne.