Most base metal prices were steady during yesterdays LME pre-market trading, although an air of uncertainty hung over the complex, due to thin conditions triggering wide price moves, traders said.
It is a little bit jerky without a doubt...and you can get sharp movements either up or down, one said. Zinc snapped back up to Wednesday closing levels, having shed $10 after hours, while copper made a similar, but smaller move up. Nickel was flighty, while others settled around overnight levels. Traders said the approaching year-end, pre-holiday absences, and lessening physical interest meant that all markets would be susceptible to sharp moves. In zinc, Wednesdays influx of fund interest triggered similar business yesterday, with the market jumping up to $1,867, a $3 gain from the previous kerb. Copper chased up to $1,825 a tonne, a $5 gain, helped by stocks dropping 2,275 tonnes. More inventory falls are expected in the short-term, but this is only a hiccup in an overall rising trend.
Aluminium, by contrast, was lethargic once more, despite another stock fall. The market was $3 easier at $1,575. Nickel raced up to $6,265, still down $45 from Wednesday, but looking volatile after the previous days wide price moves. Lead was $2 softer at $539, tin was quoted at $5,415/5,425, and alloy indicated at $1,430/40.
