Good news raises metals prices

Metals prices were higher Thursday on better economic news from around the globe.

May copper added 2 cents to $3.57 per pound in midmorning trade in New York, while three-month contracts for the metal used in manufacturing and construction added $90 in afternoon trade to $7,870 per tonne on the London Metal Exchange after going as high as $7,939.75 per tonne earlier in the session.

The gains came as new data showed that manufacturing in both China and the United States expanded in March and as LME stockpiles dropped another 1,875 tonnes on the session and have now fallen nearly 43,000 tonnes from a 6.5 year peak in mid-February.

Among other base metals, zinc added $21 to $2,396 per tonne in London, while tin was up $25 to $18,475 per tonne, aluminium was $27 higher to $2,350 per tonne and lead gained $45 to $2,190 per tonne.

Nickel was up $70 in afternoon trade in London, to $25,065 per tonne after having its price rise by nearly 35 percent in the first quarter.

Precious metals were also higher, in midmorning trade in New York.

May gold was $12.10 higher to $1,125.40 per troy ounce as demand grew not only on news of more manufacturing activity in the US and China, but after the Bank of Japan’s Tankan Survey showed that business sentiment was up in Japan and on US Labor Department data saying that first-time unemployment claims were down last week.

Additionally, May silver had added 43 cents to $17.94 per troy ounce and May platinum had gained $26.60 to $1,666.40 per troy ounce.