Copper, nickel steady in LME trade
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London Metal Exchange copper traded sideways on Monday with the US markets closed for holidays and nickel futures were flat after last week’s rally.
“Last week we saw some good gains… we are probably seeing a bit of consolidation and profit-taking coming in and that is not too surprising with the US out,” analyst Mr. William Adams at Base Metals.com said.
Copper for delivery in three months fell $25 to $7,435 /7,445 a tonne at 0956 GMT, after gaining $60 on Friday.
Three-months nickel futures were nearly unchanged at $29,700/29,900 versus Friday’s close at $29,800.
Nickel rose 7.8 per cent in the previous session to hit a one-month high of $30,500 on renewed fund interest and as it was the last day of the month many investors aimed for a higher closing price to show that the month had been profitable.
Aluminium fell to $2,509/2,514 versus $2,544. Prices were dampened by a large influx of LME stocks up 12,900 tonnes to 839,625. Inventories have risen by over 20 per cent since the start of the year.
Nickel stocks rose another 198 tonnes, after gaining some 1,000 last week, to a total of 24,324 and it was believed stocks could rise further.
Lead shed $40 to $3,070/2,090 and tin eased $50 to $15,400/15,500.
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Source : Business Line |
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