Copper prices were higher Wednesday on concerns that a continuing strike at a mine in Chile could tighten supplies as management said it will negotiate only with workers, not with the union, although the union has requested that talks resume.

December copper was up 4 cents to $3.74 per pound in midmorning trade in New York, while three-month contracts for the metal were 1.3 percent higher to $8,245 per tonne in afternoon trade on the London Metal Exchange.

Inventories in warehouses monitored by the LME dropped to 357,125 tonnes, their lowest level in over a year.

Other base metals were also lower in afternoon trade in London.

Meanwhile, among precious metals, December gold was $6.30 lower to $1,371.30 per troy ounce at mid-morning in New York after the news that US core inflation was up just 0.9 percent in October from the same period last year.

The declines came even though the US dollar weakened, which usually pushes commodities such as metals to higher prices because it makes them cheaper to buy for those using other currencies for their purchases.

December contracts for silver were also lower, falling by 27 cents to $27.29 per troy ounce.

Also in morning trade, January platinum added $9.70 to $1,667.40 per troy ounce, while December palladium was $5.15 higher to $696.25 per troy ounce.

Source: http://www.metalmarkets.org.uk/2010/11/24/copper-prices-up-on-chile-strike-talk-concerns/