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Base metal prices mostly down on LME

LONDON: Base metal business was slow throughout the day, and with few leads available LME markets largely trended lower up to the end of the open-outcry sessions.

Traders said copper movements continue to dictate direction for the rest of the complex. In the short-term, copper prices are standing still, consolidating last week's gains and awaiting the end of industry summer shutdowns, and this hiatus is being matched by the other markets.

Copper stocks rose today, but the wider trend continues to be downwards and the possibility remains that the backwardation will flare up again, they said.

Last copper business on the kerb was at $3,021 a tonne, down just $1 from Monday's kerb. Dips below $3,020 continue to attract reasonable support, traders added.

Aluminium slid away on the late kerb in line with copper, but also attracted downside support and finished above the lows at $1,915, a $7 loss.

Nickel prices were well supported by a 1,008-tonne stock fall today, but were unable to sustain early advances above $9,300 and subsequently spent most of the session in mid-range. Last business was at $9,245, up just $5.

The zinc market sagged in late kerb trading, depressed by the downturn in copper, and prices finished around session lows. Technically, the market continues to struggle overhead. Final trade was at $1,032, a $5 loss from Monday.

Lead also lost ground on the kerb, but business was relatively slow today. Three months ended $8 easier at $636.

Tin was hit by early profit-taking, but continues to derive general support from October tightness. Prices closed at $7,115, down $95.

Alloy was quiet, closing at $1,715/35 a tonne.-Reuter