Volatility is the theme for the day after strong moves over the Easter weekend, notes analyst Will Adams of Basemetals.com. Copper prices have soared 5% in high volume trade, boosted by a record 307,000 tons imported by China in March, Adams notes, taking the total of imports for the quarter to 776,576 tons. This implies China was indeed just destocking earlier in the year. Notes profit-taking likely, but dips should be well supported. Nickel has traded at a fresh high of $50,150/ton, currently at $50,000/ton. Notes reasonably high volume in aluminum of 1200 lots, approaching May high of $2,905/ton, currently at $2,875/ton. Similarly more interest in zinc, up 5% at $3,565/ton. LME copper is at $7,809.75/ton.
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