MARKET TALK: Base Metals Pft Taking Likely Ahead Of Easter

MARKET TALK: Base Metals Pft Taking Likely Ahead Of EasterWith the LME closed on Friday and Monday, "we would not be surprised to see profit-taking dominate proceedings today," says analyst Will Adams of BaseMetals.com. Notes copper traded down from highs of $7,445/ton to $7,350/ton, on LME select overnight "so it looks as though profit-taking and producer selling is starting to have an effect." Flags possibility of volatile trading across complex, as "we are in the short-covering squeeze part of the rebound at the moment...and things may pull back once the shorts have covered." LME copper -1% at $7,360/ton, zinc -1% at $3,467/ton. LME nickel is at $49,500/ton.