MARKET TALK: LME Metals Consolidating, Pushing Higher

LME metals are consolidating and pushing higher with copper's ability to shake off a 5,550 ton rise on the LME and a 4,863 ton rise in Shanghai noteworthy, says Will Adams at BaseMetals.com. Also notes the cash-to-3-month spread tightened again with cash-to- three-months contango moving from the $40/ton level to $30-$25/ton. But copper shows little upside about the ongoing labor contract renewals at Codelco and Xstrata, marking a "bearish pointer as it suggests there is little fear of a run-up in price," Adams says. LME 3-month copper last trades at $6,875/ton, down $5 on the Friday PM kerb.