With copper moving up on market confidence, other metals picked up the trend to register higher gains. Another increase in LME stocks, this time by 1,325 tonne, has kept the copper stocks pretty high at 722,900 tonnes. The resistance towards $1,500 per tonne was also strong. Aluminium, which was under pressure in the previous week as it edged up, faced no such uncertainty last week despite good supply and stock position. Speculation was evident as it touched $1,286 per tonne three-months buyer mid-week. The domestic markets also saw the metals in steady ranges with copper wire bars and heavyscraps ruling firm at Rs 11,100 and Rs 9,900 per quintal respectively. Nickel cathodes, which were in action during the previous week, also remained firm for most of the week at around Rs 29,200 a quintal.

Sharad Parikh of Parikh Metal Industries and a former president of the Bombay Metal Exchange had earlier told The Financial Express that with both the aluminium majors Nalco, Balco and Hindalco cutting down the prices, the firm trend would stay for a while.

Copper had been on a bull run for a while now on hectic fund activity as it pierced $1,410-20 levels during the previous week. The red metal, which had seen a good 4,725 tonnes drop in stocks in LME warehouses, was in for more action last week. Nickel and lead were calm but never low since the market sentiment was bullish. Reports from various quarters about production cuts were filtering into the market to boost this sentiment.

Zinc, which dropped below $1,000 per tonne mark on hectic selling previous week, started its upward journey lastweek to touch $1,020 per tonne with the long-term sentiment being bullish. Compared to the previous week, when the market began on a dull note and which was reflected in copper's slack movement, last week reflected strong upward signals from most metals.

Nickel, according to market sources, will stay firm on reasonably good demand and still expected to stay in $4,920-5,000 ranges.