London, Feb 10: Copper and other base metals ended the London Metal Exchange (LME) Tuesday morning session lower in quiet trade as the market lacked fundamental news, dealers said.Copper ended lower at $1,685 from Monday's close at $1,686. Dealers saw support for the metal at $1,680. "It is all very quiet. The metals are trading in narrow, thin ranges and there is just no news," one LME floor trader said.
Another dealer said there was a lack of interest in the market which accounted for the drop in prices. "Prices are down significantly. There is lack of interest and we need some fundamental news," he said. Traders saw some good volume but said most base metals just slipped back in kerb trading.
"It is just a lacklustre sort of feel to the market. We need new business," another dealer said.
Aluminium ended $9 lower at $1,500 which dealers saw as support. Aluminium slipped back from an intraday high of $1,514.
But they said the drop was no cause for alarm because in quiet markets, price moves wereoften exaggerated. Dealers said an increase in producer aluminium stocks may have forced aluminium down. Earlier on Tuesday provisional International Primary Aluminium Institute (IPAI) figures showed total stocks of all forms of aluminium at Western World smelters excluding finished end-products rose to 3.163 million tonnes at the end of December compared with 3.120 million in November.
Zinc also ended the morning session lower at $1,083 from Monday's close at $1,091. Nickel dropped $25 to end at $5,570. Lead was dull and ended lower at $524. Tin also closed lower, ending at $5,260 from Monday's close at $5,275. Aluminium alloy ended down at $1,135, $5 down on Monday's close.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
