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London metal exchangs

Metals ease in quiste

trade, stock newtral

LONDON: Base metal prices were slightly down from Thursday afternoon's kerb closing levels on the London Metal Exchange (LME), pressured by very light profit-taking, traders said.

LME stock data had little impact, they added.

"If anything base metals are looking a little soft this morning. Copper has been the leading metal, and people are expecting to see $3,000 (a tonne) and over soon, but perhaps not today," one said.

Copper was last quoted at $2,964/68, down from Thursday's afternoon kerb close of $2,977. Stocks fell 650 tonnes.

Aluminium also fell on light local selling. Stocks fell 10,050, but did not affect the market significantly.

Aluminium rose to a high of $1,945 on nervous covering ahead of the stock data but later eased. It was last quoted at $1,937/40 against $1,945 at yesterday's close.

News Thursday that Alcan workers have given union leaders a strike mandate is lending background support. Combined production at the plants involved is around 436,000 tonnes.

Zinc stocks continue to fall rapidly, with the bulk of the reduction again coming out of Singapore. Inventories there are being driven lower by Japanese and Chinese buying, traders said.

Early this week physical traders said Singapore zinc warrants were changing hands at around $23, against $6 two months ago. Today one trader said warrants have risen further.

But in Europe physical business remains very slow.

Total stocks fell 6,050 tonnes. Prices were last quoted at $1,051/54 against $1,059.

A fall in lead stocks of 2,725 tonnes did little to stir up activity. The market was last indicated at $645/48 from $652.

Nickel remained steady, with stocks down another 402 tonnes.

Prices were last quoted at $9,050/60 versus $9,080.

Tin eased from $6,645 to $6,620/40.

Stocks rose 100 tonnes. Cash moved out to a $60/70 premium over three months from $40/60 Thursday.

Alloy was last indicated at $1,730/60 from $1,740/60. Stocks rose 1,280 tonnes.-Reuter