Copper, most other metals see price gains

The price of copper was higher Wednesday as the dollar weakened and US Federal Reserve Chairman Ben Bernanke testified before Congress that several issues are holding back economic recovery in the US and that growth will remain only moderate.

Support for copper prices also came on expectations that new data due from China on Thursday will show that the economy there grew more than expected in the first quarter of the year.

Copper was up about a cent to $3.61 per pound in early afternoon trade in New York, while three month contracts on the London Metal Exchange added $50 to $7,950 per tonne as inventories in LME-monitored warehouses fell by 975 tonnes on the session.

Aluminium was also higher in London, gaining $19 to $2,436 per tonne after it went as high as $2,462 per tonne earlier on an announcement by a Russian aluminium producer that it is thinking about launching an aluminium exchanged traded fund that could hike demand for the metal as an investment.

Zinc added $70 to $2,460 per tonne, last bids for tin were up about $240 to around $18,850 per tonne, and nickel gained $875 to $26,400 per tonne after BHP Billion (LSE: BLT; ASX: BHP) closed one of its Australian mines after an accident there.

Lead bucked trends, falling $10 to $2,360 per tonne.

Among precious metals, May gold was up $6.40 to $1,159.20 per troy ounce in midday trade in New York, while silver added 19 cents to $18.44 per troy ounce and May platinum gained $18.40 to $1,730.20 per troy ounce.