MARKET TALK: LME Base Metals Shrug Aside Soft US GDP Data

Base metals continue to shrug aside Friday's weaker-than-expected U.S. GDP data; LME complex pushes higher in early Asian dealings; three-month copper +1.1% at $7,745/ton, aluminum +1.7% at $2,854/ton; nickel +3.2% at $48,500/ton. Only zinc down 0.9% or $35/ton to $3,675/ton. Friday's soft GDP data has limited fallout for LME base metal prices given recent metals buying has been largely driven by strong Chinese consumption, says Michael Widmer, metals analyst at Calyon. Even knock-on impact from lower U.S. economic growth through U.S. imports of Chinese goods will have limited downside for China with trade making up 23% of total GDP growth