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Base metal prices lower on LME

LONDON: Copper was under pressure and this weighed on other base metals too by the close of Tuesday's London Metal Exchange (LME) trading.

Traders said the red metal that had earlier probed the $3,000 area fell back under long liquidation when they became disappointed with market's recent lack of upside momentum.

A poor close on Friday ahead of the long U.K. holiday weekend helped to weigh on sentiment.

"The down move towards $3,000 on Friday has helped to kill upside potential," one trader said. The trader added the easing in forward delivery dates was helping to dent upside sentiment.

"Aluminium is under the influence of copper, so you would expect a downtrending market," one market opertor said.

Support for aluminium is expected around current levels, followed by $1,850 and then down to $1,800.

Last business was at $1,885, versus $1,914.

In reaction to lower copper nickel under trade selling fell to $8,990, against $9,320.

"We lost the nickel market on the downside this morning as copper turned lower and found the expected volatility in the wake of struggling copper," a trader said.

Tin matched the trend and ended Tuesday's LME kerb close lower at $6,990, versus $7,060.

Traders noted an unwinding of recent physical tightness in the tin market.

Narrowly-traded lead settled at $634.50, down $3.50.

Zinc was ended at $1,031, a loss of $3.

Aluminum alloy was indicated quietly at $1,705/$15 after closing on Friday at $1,725/$35.-Reuter