metal: weekly roundup
Copper hits historic high amid tight supplies
LONDON, Nov 12 (AFP): Copper hit a historic high amid tight supplies, while platinum struck the highest level for more than 25 years on buying from speculators.
GOLD: Gold prices rebounded as speculative funds re-entered the market.
A stronger dollar traditionally weighs on demand for gold, since it makes the metal more expensive for buyers using non-dollar denominations.
Gold had fallen by 10 dollars the week before as US inflation concerns eased.
On the London Bullion Market, gold prices rose to 466.75 dollars per ounce at the late fixing on Friday from 460.50 dollars the previous week.
SILVER: Silver prices rallied, mirroring sister metal gold.
On the London Bullion Market, silver prices climbed to 7.698 dollars per ounce at the late fixing Friday from 7.55 dollars the previous week.
PLATINUM: Platinum prices reached the highest level for more than 25 years, while palladium had the best showing for 18 months, also on buying from speculators.
Platinum reached 961.50 dollars per ounce Friday, the highest point since March 1980, when it struck 1,000 dollars.
Platinum is used to make catalytic converters.
BASE METALS: Base metals prices mostly rose as copper hit a historic high point and zinc the best level for eight years.
Copper touched 4,067 dollars per tonne Friday, three weeks after passing the 4,000-dollar mark for the first time.
Zinc meanwhile passed 1,600 dollars per tonne this week, for the first time since July 1997.
Three-month aluminium prices climbed to 2,044 dollars per tonne from 2,021 dollars.
Three-month nickel prices gained to 11,830 dollars per tonne from 11,650 dollars.
Three-month lead prices increased to 987 dollars per tonne from 981 dollars.
Three-month zinc prices jumped to 1,609.50 dollars per tonne from 1,573 dollars.