SINGAPORE--London Metal Exchange three-month copper rose in Asian trading Wednesday as fundamentals remain in place, despite a 2.7% slide in Tuesday's trading.
A technical report on copper by Barclays Capital said, "Intraday bearish divergences warn of a deeper (downward) correction toward $6,555 a (metric) ton this week. More important support is at $6410 and $6,375."
A trader in Sydney said that for the moment, $6,700/ton looked like a reasonable support level. Fundamentals such as strong demand from China and modest decline in LME stocks remain in place.
At 0630 GMT, LME three-month copper was up $37 from Tuesday's afternoon kerb close, at $6,715/ton.
Aluminum remained little changed in Asian trading, while an analyst report by Harbor Intelligence said that "the bottomline for (LME aluminum) is that range-trading continues with a bias toward the downside."
LME three-month aluminum rose $1 to $2,748/ton.
Meantime, an analyst report by Standard Chartered Bank said that as winter - when battery use peaks - has passed, a sustained drive for higher lead prices can now only emerge on prolonged supply fears.
The report added that as the year progresses, lead supply problems will ease and prices will be softer.
LME three-month lead rose $10 at $1,860/ton.
LME three-month nickel moved higher from Tuesday's afternoon kerb close, building on gains in Tuesday's ring trade. A report by Standard Bank said the rally in nickel prices will continue but cautioned of possible weakness too.
"The current rally may continue towards $45,000 (possibly $46,000) in the days ahead, but the bias is then expected to again turn weak, yielding a move into the $41,000/$39,200 near-term support band," it said.
LME nickel was up $505 at $43,300/ton.
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