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Copper, aluminium little

changed on LME

LONDON: London Metal Exchange (LME) three months copper and aluminium were little changed in quiet, late inter-office trading from Friday's kerb close.

Last kerb business in aluminium was at $1,918, up on its day's low of $1,912 but little changed from Thursday's $1,916 close. It was later bid at $1,917.00 when Comex ended at 1800GMT.

Aluminium had dipped just ahead of the kerb close but traders expected it to find good underlying support $1,900/10 as they expect consumer buying to emerge.

Copper dipped during Friday to $2,940 support following a LME stocks rise, then found speculative interest in the afternoon session to lift it to $2,955 at the kerb close, up $5. It was bid at $2,955 at the hour of the Comex close.

Copper stocks rose 5,975 tonnes, up on market expectations of flat to 1,500 tonnes higher. The largest increase was again seen in U.S. warehouses.

Brokerage Rudolf Wolff said of the increase that "if this is just the result of the summer lull, then there is little to worry about..."

But it added that "if this trend gathers momentum, then these high copper levels are very unlikely to hold".-Reuter