Lacklustre Trades At Mid-Session

Base metal trading remained lacklustre up to Friday's mid-session recess with little in the way of price movement seen throughout the session.

It really is pretty quiet at the moment. All we are doing is playing the ranges, one trader said.

In copper, news of another earthquake in northern Chile did not influence the market. No damage was done to mines in the area, traders noted.

Prices ranged fitfully in a tight band above the $1,700 level which is more psychological then technical.

We're buying it near the figure, and looking to sell near $1,740, another trader said.

Technically, the copper market is banding between around $1,680 on the downside and resistance which starts above $1,730, technical traders said.

 

Last kerb business was at $1,712 a tonne, up $4 from Thursday's kerb finish.

Elsewhere, action in aluminium was also encapsulated in a snug band with early investment buying lifting prices away from moving-average support around $1,510.

However, the upside was inhibited by commission house sales and ring pricing as well as the likelihood of overhead long liquidation. Prices closed the kerb at $1,523, up just $4.

Nickel prices were broadly steady, with a chart-based attempt to push the market back under $5,500 proving short-lived.

By the end of the morning, prices were back at $5,530, up a mere $5.

News that US trader Engelhard had lost an estimated $55 million in a nickel-related fraud case did not faze the market as details were unclear.

The lead and zinc markets tended to drift, but price movements were thin. Last lead trade was at $539, down $4, while zinc concluded the kerb at $1,108, also $4 lower.

Tin and alloy were quiet, finishing the morning at stable levels of $5,285/90 and $1,347/52 a tonne respectively.