Base metal trading was slow during the Wednesday LME session, with copper edging higher to challenge levels above $2,380 a tonne again, dealers said.
Other metals were mixed, reflecting the general lack of interest, but price movements were fairly small and markets were close to Tuesday levels.
Traders saw little news to generate enthusiasm, and the main talking point was yesterdays business in copper options. LME figures show a total 203,942 lots were traded, with put options comprising 126,580 contracts. Traders were unsure over the implications. It is a mystery to us...we are waiting for the breakdown (open interest) figures from the LME, one options trader said. Three months prices edged up to $2,385 before settling at $2,383, a $6 gain from the overnight kerb close. Aluminium slipped back to test $1,650, down $3 from last night.
Zinc drifted away from $1,300 and was $2 softer at $1,297. In the plus column were tin and lead, trading $5 and $4 higher at $5,850 and $683 respectively. Aluminium alloy was quoted at $1,545/55.