US pending home sales data helps copper prices

The price of copper was up Thursday after the National Association of Realtors reported that pending home sales were unexpectedly higher in July, adding 5.2 percent to give a boost to the metal that is used extensively in construction.

December contracts for copper added 3 cents to $3.50 per pound in New York trade, while three-month contracts for the metal were $29 higher to $7,635 per tonne on the London Metal Exchange.

Most other base metals were also higher in London trade, but tin declined.

Meanwhile, among precious metals, December gold was up $5.30 to $1,253.40 per troy ounce in New York trade as investors continued to look for safe places to put their cash.

Gold was also higher on speculation that interest rates will stay low after the European Central Bank held Eurozone rates steady at 1 percent.

Other precious metals prices were mixed as December silver added 28 cents to $19.67 per troy ounce and December palladium gained $5.15 to $525.25 per troy ounce, but October platinum dropped $15.80 to $1,551.50 per troy ounce.