Bullish supply-side predictions for nickel, lead and tin saw all three metals end London Metal Exchange Week in fresh record-high territory while copper remained barely changed on the week, traders said.
Technical buying buoyed nickel, tin and lead to fresh highs amidst lackluster, rangebound trading in gold, oil and currency markets.
Fresh outflows of nickel from LME warehouses encouraged aggressive buying, lifting prices to record highs for the fifth consecutive session.
Nickel broke a new high at $31,150 a ton, up $650 on previous late kerb. Prices ended London's late kerb slightly lower at $30,750/ton, up $250 on previous PM kerb levels.
Aluminium, like nickel, was subject to "fairly agressive" buying pressure which was unchallenged by selling until prices hit $2,650/ton, a trader said. Aluminium ended Friday's session up $45 on previous PM kerb at $2,635/ton.
Supply-side concerns related to three smelter closures in Indonesia helped lift LME tin to a 17-year high of $9,950/ton, albeit on thin volumes, traders said. The smelters didn't have the correct operating permits, Indonesian police said.
Lead's upside momentum carried into a fifth session, lifting prices to a fresh cycle high of $1,512/ton, on the strength of system-driven momentum buying. Prices closed shy of highs at $1,490/ton, down $2 on previous kerb levels but up 5.5% on the week.
Unlike the remainder of the complex, LME copper "closed the week still somewhat hesitant," according to Triland Metals Ltd., down $20 on previous PM kerb and unchanged on the week at $7,460/ton.
3 months metal (prices in dollars a ton)
Bid – Ask, Change from Thursday PM kerb
Copper 7460.00-7461.00 Dn 20.00
Lead 1490.00-1494.00 Dn 2.00
Zinc 3785.00-3790.00 Up 25.00
Aluminium 2635.00-2636.00 Up 45.00
Nickel 30750.00-30800.00 Up 250.00
Tin 9770.00-9775.00 Up 345.00
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