Base metals were higher across the complex at the London Metals Exchange Tuesday on short-covering, with trading volume light ahead of the U.S. Thanksgiving holiday, said analysts and traders.
"We saw a general firm tone across the base metals board on a short-covering rally," said a base metals trader. "It was a slow day, very typical of pre-Thanksgiving trading," the trader added.
The U.S. will celebrate its Thanksgiving holiday this Thursday and Friday.
Three-month copper led the way trading to $6,972.50 a metric ton, up from the day's low of $6,760/ton. Copper pushed above the 200-day moving average of $6,929.41/ton.
The International Copper Study Group said in a report released Monday that the global refined copper market had an apparent surplus in August of about 88,000 tons. After making seasonal adjustments for world usage, the surplus dropped by about 3,000 tons, the report said.
Meanwhile, LME three-month nickel prices remained strong on the back of drawdowns in LME nickel stocks, said Barclays Capital. LME data shows nickel stocks falling 168 tons to 6,864 tons.
Three-month nickel prices rose to a high of $31,350/ton, before retreating to trade at $31,150/ton.
A combination of falling stocks, tight nearby spreads and fresh speculative buying were supportive of zinc prices, said an analyst.
Three-month zinc traded to a high of $4,300 a metric ton, before retreating to $4,267.50/ton. According to LME warehouse data, zinc stocks fell 950 tons to 89,450 tons Tuesday.
LME three-month aluminium traded to a high of $2,699/ton before giving up gains to trade at $2,675.50/ton, while lead traded up 1% at $1,537/ton.
3 months metal (prices in dollars a ton)
Bid – Ask, Change from Monday PM kerb
Copper 6979.0-6980.0 Up 140
Lead 1542.0-1544.0 Up 27
Zinc 4285.0-4290.0 Up 116
Aluminium 2677.0-2678.0 Up 23
Nickel 31295.0-31300.0 Up 1045
Tin 9945.0-9950.0 Up 100
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