Markets Softer, June Pricing Smooth

Base metal trading remained slow during Monday's official LME sessions, with traders saying that pricing against the June date was unexciting and that it had little effect on the market.

Prices were slightly lower in most cases, largely a reflection of the copper market where prices are correcting back from last week's overbought levels above $2,600.

Warehouse stock data had little impact. "Third Wednesday was pretty much a non-event, really. At one stage it looked as if copper was not going to trade at all, and if you blinked you would have missed it," one trader said.

Stocks fell by 1,875 tonnes, which aided downside stability as there were not any deliveries into the United States or Singapore, although warrants for the latter location are changing hands at a very low $5, some noted.

Prices perked up towards session highs during the kerb on the United State-based speculative covering, with last trade at $2,584 a tonne, still down $6 from last Friday's kerb close.

In aluminium, a flurry of cash pricing sales were checked by short-covering, and in subsequent kerb business the LME market clawed back some early losses.

However, last trade was at $1,584, still down $2 from pre-weekend levels.