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Gold prices soften as dollar recovers


LONDON - Gold softened a touch in Europe on Tuesday as the dollar index recovered from the 15-month low it hit in the previous session, but remained near record highs as traders bet the U.S. currency's recovery would be temporary.

Spot gold was bid at $1,101.40 (U.S.) an ounce at 1007 GMT, against $1,103.85 late in New York on Monday. U.S. gold futures for December delivery on the COMEX division of the New York Mercantile Exchange firmed 70 cents to $1,102.10 an ounce.

The precious metal hit an all-time high of $1,110.85 an ounce on Monday as the dollar index, which measures the U.S. currency's performance against a basket of six others, plummeted to its lowest since August 2008.

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Among other precious metals.

Silver was bid at $17.34 an ounce against $17.57.

Platinum was bid at $1,348.50 an ounce against $1,357.50.

Palladium was at $330.50 against $331.

Both metals are primarily used in autocatalysts and have benefited from perceptions the economy is recovering.

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Copper dips as dollar edges up, eyes on China


* Copper stocks at highest since early May

* Investors await China copper import data

* Nickel at 7-week low on poor stainless outlook



LONDON, Nov 10 (Reuters) - Copper prices fell on Tuesday,
with the market taking its cue from foreign exchange as the
dollar edged off 15-month lows against a basket of currencies,
while rises in LME stocks highlighted demand concerns.

Investors were also waiting for October import data for
unwrought copper and semi-finished copper products from China,
due later this week, as well as copper output data.

Copper for three-months delivery on the London Metal
Exchange traded at $6,480 a tonne in open outcry trade, versus
$6,540 at the close on Monday.

Among other industrial metals aluminium was at
$1,946.5 from $1,952.

Aluminium prices should remain weak into 2010, with smelters
expected to restart some idled production capacity despite a
surplus already overhanging the global market, a Bank of America
Merrill Lynch research note said.

Zinc was at $2,145 from $2,160.

Lead was at $2,265 from $2,300.

Tin traded at $14,750 from $14,750.

Nickel prices fell to a seven week-low of $16,840 a
tonne on concern that stainless steel mills were cutting back
production. The metal was last at 16,925 from Monday's $17,430.

About 60 percent of global nickel production is used by
stainless steel producers.

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24 Hour Base Metals

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