Base metal markets managed to tick over during Monday's LME ring and kerb sessions, but there were no particular features and little significant interest was generated, traders said.
It has been more of the same today. Trade quiet, rallies looking dodgy, and most people happy to do nothing," one trader said.
Tin was hardly bothered by trading interest throughout the morning, and prices gradually drifted lower. The range was narrow, however, while there was background support from the wide $160/180 cash/threes backwardation.
Last kerb trade was at $5,610, down $30.
More attention was focussed on the current tightness, with a major European merchant believed to be the stand-out long. High premiums are seen increasing next week as the crunch dates become prompt.
The market is in a $8/10 contango from cash to next week's December date, but from then on, tightness has a strangle-hold on the market.
Dec/two weeks is around $180 backwardation, while the premium for Dec 19/over the weekend -- one trading day -- has edged over $33.
Copper spent most of the session ranging either side of $1,800, but looked more vulnerable to downside challenges after the conclusive slap-down from $1,850 last Friday.
Nobody really wants to buy it. It is more a case of trying to put on more short positions," another trader said.
Bearish fundamentals, with stocks largely rising at present and demand unexciting, continue to point lower with $1,745 -- the June 1996 Sumitomo washout low -- the key objective. Last kerb business was at $1,800 a tonne, down $5 from Friday's kerb close.
Aluminium was sentenced to a morning of lower levels and selling pressure by Friday's weak technical close. Some early fund sales set the tone, with a 3,050-tonne stock fall ignored. Last kerb business was at $1,565, down $8, with the market seen heading for key support at $1,550.
Zinc was under persistent, albeit low-key, downside pressure, with the market setting itself up for another swing down to last week's lows of $1,109. Sell-stops were a threat under $1,120 support, and last trade was at $1,120, down $7 from Friday.
Nickel tried to rally on underlying support below $6,000 but the technically-orientated buying lacked follow-through, and by the end of the kerb prices were at $6,020, still down $15.
Lead saw little real interest, and prices gently wandered underneath $530. By the close of the kerb, three months was $8 easier at $529.
Alloy was lower with primary, and last business at $1,432 was $8 down from Friday.
