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MARKET TALK: Base Metals Sentiment Firming After O/N Gains

Thursday, Mar 08, 2007
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LME base metals sentiment firmer after London gains, though still some sensitivity to movements in equities markets, says HK-based trader. Says copper, aluminum may consolidate short term before making further gains; both found support on recent declines from consumer buying, copper's climb above $6,100 yesterday establishes new support at $6,000. Adds while stock movements reflect broader economic concerns, metals' fundamentals play larger role; "everyone has to keep an eye on the stock markets but we do have to remember what we're trading." LME 3-month copper down $10 at $6,130/ton; aluminum down $3 at $2,726; zinc down $5.25 at $3,349.75.

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