Base Metals Drift In Slow Midday Trade

The base metals drifted listlessly in sluggish ring trading on the London Metal Exchange (LME), and neither aluminium nor zinc managed to follow through to a promising pre-market.

Copper ended the uneventful kerb barely changed from Wednesday' close, with three months metal down $5 at $2,473.

Unable to muster any upside enthusiasm after correcting lower on Monday, it was seen vulnerable to further losses, targetting support at $2,440 in the case of a break out lower, analysts said.

For the moment, the market was consolidating after copper bucked expectations of a stop-loss sell-off on Wednesday after prices broke below $2,470 support, a trader noted.

"It didn't sink so people don't know what to do with it. Copper and the other metals are looking for direction. So there hasn't been much going on in the rings," he said. Cash to threes backwardation was little changed at $56/$61.

Aluminium settled $5 firmer at $1,597, due to a pre-market stab at the upside on bank buying.

But it was unable to hold on above $1,600 resistance despite a supportive close on Wednesday and a healthy 3,450 tonne LME stock drawdown.

"Up through $1,610 is going to be a heavy level for aluminium," a trader said.