Base Metals on the Up

Three-month copper this morning returned to trading around US$1850/t after dipping to a US$1841/t close on the London Metal Exchange (LME) yesterday. Stock drawdowns helped. Aluminum fell US$3/t to US$1477/t, nickel climbed US$10/t to US$6830/t, zinc gained US$1/t to US$1070/t, tin lost US$20/t to US$5230/t, lead gained US$3/t and aluminum alloy lost US$10 to US$1125/t. Despite aluminum's fall, market players and analysts say the general mood for it and other base metals is generally bullish today. Though in his weekly report, Kevin Norrish, metals economist with London-based Barclay Capital, said: "Prices [are] still vulnerable to further shocks generated by the US economy, oil prices, stock market weakness or signs of deteriorating fundamentals."