Lme Copper Prices Struggle Higher

Interest was generally slow throughout the session across the board, and there was little significant price movement apart from copper and nickel, where thin conditions helped the latter market notch up gains. There is very little to get excited about today. Copper has moved higher, I suppose, with the spreads having picked up a little, one trader said. Copper initially hardly budged from pre-weekend levels, before skipping higher in the rings, clearing the $1,940 level in relatively thin trading.

By the end of the kerb three months was at $1,945 a tonne, a $12 gain from last Friday.

Cash/threes, meanwhile, traded at $13 backwardation and was indicated at $14/16, slightly above previous levels near $10.

 

However, there is little pressure on nearby dates, with cash/September at $2 contango and Sept/two days at a small $1 backwardation. In the short-term the market will probably continue to range, with well-established resistance at $1,970 and price dips meeting support anywhere from around $1,910.

The aluminium market hardly moved all morning, with interest reduced by many participants attending an industry conference in Germany. Prices were comfortable above $1,480, and concluded the session at an unchanged $1,484. Nickel raced higher during the pre-market, but was unable to maintain its advance during the open-outcry sessions, stalling at $7,600 and ending at $7,590, up $70.

Traders attributed nickel's advances to continued uncertainty over Russian shipments, although there has been no news of disruption.

Lead inched higher, but business was lacklustre with prices indicated some $6.50 higher at $815/16. Zinc has settled back into the $1,030/40 band and was at $1,035 by the end of the kerb, up just $1.

Slow physicals kept tin interest at a minimum, and prices remain trapped between overhead producer selling and expected consumer interest underneath. Three months was $10 higher at $6,255.

The alloy market was neglected, and quoted at a slightly steadier $1,282/85.