Copper Above Lows In Uneventful Trade

Copper prices hovered around the psychological $2,400 level in a low key mid-session on Monday while zinc and aluminium similarly drifted off early highs.

Most of the industrial metals started the day buoyant, helped along by Far Eastern demand after the dollar tumbled against the yen, traders said.

In copper, a smattering of two-way business in the rings failed to move the market dramatically one way or another after prices were unable to pierce the April 28 high of $2,407.Eventually, three months copper settled off its highs at $2,398, which was still up $8 from Friday. Floor traders said copper had more upside potential, pegging the March 7 high of $2,440 as the next upside target.

 

Cash to threes was little changed at $58/$62 backwardation after flaring out above $60 during the rings.

Aluminium identically surged to a high of $1,679 early in the day, only to sag slightly in the rings. It finished the kerb $6 firmer, but at $1,668 it was below the $1,670-$72 resistance area.

Zinc also disappointed after probing fresh 4-1/2 year highs early in the day.

It rapidly lost contact with the $1,340 resistance area, and drifted to a $6 weaker $1,326. Analysts said zinc looked slightly overbought and may need to drift back and consolidate before pushing higher again.

In $ Cash 3 mths 15 Mths 27 Mths Settl

Copper 2464.0/66.0 2401.0/02.0 2105.0/15.0 015.0/25.0 2466

Tin 5840/5845 5880/5885 5975/5985