Movements in the London Metal Exhange were varied Tuesday with three-month copper showing mixed direction on low volumes, while nickel re-approached record highs and lead pushed to a fresh cycle peak.
Initially, copper advanced to $7,540 a metric ton though moderate levels of hedge-fund selling reined in any approach of $7,500/ton and prices ended late kerb down $20 at $7,430/ton.
Nickel was spurred back above $30,000/ton but its failure to hold that level at kerb brought fresh selling to push prices back to $29,690/ton at kerb.
Positive sentiment in nickel was underpinned by another fall in LME warehouse stocks Tuesday, which took stocks to a fresh cycle low of 4,458 tons, their lowest level since the early 1990s.
Lead prices overcame February's high of $1,435/ton to set a fresh bull run record of $1,445/ton. Prices ended late kerb at $1,430/ton, up $18 on Monday's late kerb.
"The fall in stocks below 50,000 tons and yet further tightening within the spread," kept lead prices well-bid from $1,412/ton upwards, according to Triland Metals Ltd.'s Roy Carson.
Zinc gained $40 on Monday's kerb to close at $3,685/ton late Tuesday. Prices traded as high as $3,715/ton in the session and had been poised for a breach of Monday's five-month high at $3,737/ton, before fund liquidation forced a retracing of earlier gains. Zinc ended late kerb at $3,685/ton, up $40 on previous kerb.
Market participants said moves in all metals were exaggerated by illiquid, thin conditions typical of the second day of LME week otherwise known as 'LME dinner day.'
3 months metal (prices in dollars a ton)
Bid – Ask, Change from Monday PM kerb
Copper 7430.00-7435.00 Dn 20.00
Lead 1430.00-1435.00 Up 18.00
Zinc 3685.00-3690.00 Up 40.00
Aluminium 2585.00-2587.00 Dn 35.00
Nickel 29690.00-29695.00 Up 240.00
Tin 8975.00-9000.00 Dn 125.00
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