MARKET TALK: Base Metals Seen Lower Near Term

The base metals complex has run out of steam for the minute, says a London-based broker. LME three-month copper is seen retreating to $6,300 a metric ton or "possibly lower," he says, on long liquidation. "It's done as much as it's going to do on the upside." Nickel is now in a downtrend, he says, "the market has got itself a bit short and that's why we're holding." Adds that start of next quarter may see fresh inflow, lead still looks good on strong fundamentals. LME copper trades up 0.2% at $6,695/ton, nickel up 0.5% at $43,000/ton, lead flat at $1,850/ton. Zinc up 0.5% at $3,208/ton and tin down 0.3% at $14,550/ton.