Copper gains on US consumer sentiment

Copper prices were higher Friday on better consumer sentiment and although copper imports into China were reported a bit below expectations last month.

A new Reuters/University of Michigan survey showed that in early June its consumer confidence index stood at 75.5, up from its reading of 73.6 in May.

Copper added 5 cents to $2.91 per pound in afternoon trade in New York, while three-month contracts for the metal used in manufacturing and construction were $69 higher to $6,470 per tonne on the London Metal Exchange, after going as high as $6,545 per tonne earlier in the session as inventories in LME-monitored warehouses fell 1,400 tonnes.

Inventories were also down for aluminium and nickel, by 6,600 tonnes and 852 tonnes respectively, with nickel inventories falling to their lowest level in seven months.

Base metals prices were mixed as zinc added $20 to $1,740 per tonne and nickel was up $600 to $19,545 per tonne, but aluminim fell about $5 to $1,945 per tonne, lead was down $14 to $1,670 per tonne, and tin dropped $100 to $16,550 per tonne.

Among precious metals, August gold added $7.80 to $1,230.50 per troy ounce in New York as investors shied away from risky deals in favor of finding safe places to put their cash, while July platinum was up 2.70 to $1,538.90 per troy ounce and September palladium dropped 40 cents to $448.90 per troy ounce, all in afternoon trade.