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Metals were largely steady during pre-market trading on the London Metal Exchange (LME), pausing after this weeks surge to new cycle highs, traders said. But given current bullish sentiment in most metals -nickel was a sluggish exception -and expectations of top-up investment fund buying,this month is likely to see fresh advances ,they said. Market fundamentals are broadly supportive for copper,aluminium ,lead and zinc,all of which have hit multi-year highs this week ,but much of the upside momentum is being driven by speculative flows.Copper was at $4,248/4,243 a tonne against the $4,246 previous close. Aluminium was unchanged at $2,139/2,140, but likely to challenge the previous days 10-1/2 year highs of $2,145.Zinc rose $5 to $1,720/1,723.Lead was at $1,038/1,042,against a previous $1,043.Nickel was at $12,625/12,725,against$12,800.
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| Posted : 12/2/2005 |
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