Copper prices up on US housing data, miner optimism

Metals prices were higher on Monday, with copper up after the National Association of Realtors reported that existing home sales in the United States were up by 7.6 percent in April, more of a gain than had been anticipated.

July copper was up 7 cents to $3.13 per pound in afternoon trade in New York, while three-month contracts for copper were up 0.9 percent to $6,910 per pound after earlier price fluctuations that came on concerns about European debt problems.

Helping prices higher were comments from an official of Grupo Mexico SAB (BMV: GMEXICO), Mexico’s largest miner, which indicated that the miner expects prices to rise, and that demand from China will remain strong even if the Chinese government continues to tighten monetary policy.

This optimistic assessment from Grupo Mexico came even though its Cananea copper mine is currently closed due to strikes and safety issues.

Aluminum, zinc, lead, tin, and nickel prices were also higher on the session in London.

Precious metals prices, meanwhile, were higher in afternoon trade in New York, with May gold up $18.10 to $1.193.80 per troy ounce, while May silver added 35 cents to $17.98 per troy ounce and May platinum gained $33.30 to $1.532.50 per troy ounce.