The following are New York midsession prices and market updates for precious metals and copper: GOLD * Gold for June delivery built on earlier gains by by 12:02 p.m. EDT (1602 GMT) by adding $11.0, or 1.26 percent, to $883.80 at on the COMEX division of the New York Mercantile Exchange. * Session high reached up to $886.90 from session low at $870.10 an ounce. * June contract fell on Monday to $865, which was last seen on Jan. 23. * The positive price projections issued by metals consultancy GFMS gave a healthy lift to gold - analysts. * Gold may rise through $1,100 an ounce in 2009 as investment is supported by fears over rising inflation, potential dollar weakness, and fears over financial instability - GFMS. [ID:nWLA1721] * The initial rally prompted short-term players to cover short gold positions - traders. * A decline in U.S. stock markets added to gold's boost as investors braced for gloomy quarterly earnings - traders. * Spot gold increases its lead to $881.55/882.55 an ounce from Monday's late New York quote at $868.25/869.85. * London afternoon gold fix rises to $879.75. SILVER * COMEX May silver continues its rally with gold. * May silver adds 16.0 cents, or 1.32 percent, to $12.27 an ounce. * Trading band spans $12.02, its lowest since March 18, to $12.31 an ounce. * Spot silver at $12.30/36 an ounce from $12.10/12.18 an ounce by late Monday in New York. * Silver fix drops in London to $12.17. PLATINUM * NYMEX July platinum jumps $21.50 to $1,174.10 an ounce. * Spot platinum was higher at $1,162.0/1,172.0 an ounce than $1,140.0/1,150.0 an ounce late Monday. PALLADIUM * June palladium added 2.00 cents to $227.75 an ounce. * Spot palladium increases to $224.50/228.50 an ounce from $221.50/226.50 an ounce in late Monday trade. COPPER * Benchmark COMEX copper for May delivery up 4.30 cents, or 2.2 percent, at $2.0020 a lb. * Session range from $1.9365 to $2.0120. * On Monday, the benchmark contract rallied to $2.0370 a lb., its loftiest level since Oct. 29. * COMEX copper strength supported by 5 percent limit-up rally in Shanghai copper price , where favorable arbitrage opportunities between Shanghai and London markets suggest further imports into China. * Demand optimism buoyed by overnight inventory data showing stocks of copper in LME warehouses fell by 2,925 tonnes to 501,900 tonnes . * Another large leap in canceled warrants for copper at LME warehouses added to the bullish tone. * LME copper earmarked for delivery jumped to 60,850 tonnes, up by 140 percent from a level of 25,475 tonnes a week earlier. * COMEX copper stocks held steady at 47,031 short tons as of Monday. * London Metal Exchange copper for three months delivery last traded at $4,415 a tonne, up $145 from Monday's kerb close.

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