Weakness has spread across the base metals complex driven by follow through selling from last week and from overnight selling in Asia, says Base Metals' William Adams. Commodity indexes rebalancing individual weightings for the new year is also adding to major price volatility, Adams says. The DJ-AIG index will be rebalanced this week after the determination date of Jan. 8. Looking ahead, the market eyes LME stock data at 0900 GMT and the spreads as a tightening of the spreads shows an increase in near-term interest. While nickel prices have fallen over 3% Monday, the metal has held up "remarkably well" considering the decline in copper prices due to its stronger fundamentals, Adams says. LME nickel down trades at $31,900 metric ton, down over 3% from Friday.
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