Prices Of Base Metals Steady On Lme

Base metals prices on the London Metals Exchange opened steady on Monday in a quiet, Christmas-week market, traders said.

The market was relatively quiet and the prices were steady, a trader said. Because of thin trading during the holiday season, any upside moves could be rapid and catch shorts off-guard, Rudolf Wolff & Co brokers said.

COMEX and NYMEX precious metals called to open mixed Monday, with gold and silver opening higher, but platinum group metals opening lower.

Gold received some support from end of year shortcovering in the wake of comments from Bundesbank president Tietmeyer on Friday that the Bundesbank would sell no gold and that gold had a place in the planned EMU.

COMEX February gold was called up $0.50 to $1.00 from Fridays close of $291.10 an ounce after trading from $291.00 to $292.80 on ACCESS. Net short positions in COMEX gold held by funds slipped to 58,769 lots as of Dec 16 in the CFTC commitments of traders data.

In the bullion market, spot gold was quoted at $290.60/291.10 early against the London morning fix of $290.45 and the New York close Friday of $288.80/289.30. COMEX copper futures opened little changed on Monday in line with LME copper prices as market winds down for Christmas holidays.