Copper Perky In Lme

Union workers at Kennecott went on strike as of Wednesday, although production is said not to be affected at the 3,10,000 short tons per year plant.

Three months prices moved up to touch $1,930 a tonne before settling at $1,923, still up $10 from Wednesdays afternoon kerb close. Prices are still basically ranging between $1,900 and $1,950, within a wider $1,880/1,970 band, they said.

Aluminium was also steadier, with speculative buying lifting the market up to a high of $1,353 before the expected overhead selling cut into gains. Recent business was at $1,347, up $5 from the previous close.

Trading in the rest of the metals complex was generally low-key, with prices slightly steadier across the board, reflecting the trend in copper.

 

Lead was $2 higher at $743, but the market outlook was not constructive, as recent rally attempts have been unconvincing. Another test of $731 seven-month lows was expected, with a fall towards $700 likely.

Zinc was steady around overnight closing levels and settled at $1,021/23, with little significant short-term movement expected, traders said.

Tin and nickel registered some modest gains, trading at $5,970 and $7,080 a tonne, respective gains of $10 and $15.

The aluminium alloy market was quiet, but indicated at a stable $1,225/35 a tonne.