LME bulls "completely in charge" but sharp price hikes for copper, zinc, nickel seem to be overextending rally, relying mostly on positive momentum rather than fundamental news, aside from lead market, says Standard Bank. "The effect of such sharp rises in prices on the consumer community is being fully ignored. It was not long ago that we saw how consumers, specifically in China, changed their consumption practices when confronted with sharp rises in metal prices." Agrees market is tight and calls for high prices, but needs more clarity on what's leading rally, funds or fundamentals. LME 3-month copper at $7,360/ton, down $55 vs yesterday's PM kerb, nickel at $49,300, down $95, zinc at $3,475, down $20. Lead at $2,012, up $7.
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