• by IPS Correspondents (london)
• Friday, December 23, 1994
• Inter Press Service

LONDON, Dic 23 (IPS) - Base metals had a mixed week with copper losing ground although regaining some of its poise before the close of the Christmas break. Aluminium tried to forge ahead and register gains but slipped at the end.

Copper saw good demand from fund managers at the end of last week but the shine on the red metal diminished this week as the same sector sold the metal down.

On Monday New York markets were expecting a run on copper and were called to open 200 points down after London Metal Exchange values slipped badly based on options-related selling.

Copper is suffering from a general lack of physical demand ahead of the Christmas holiday as industry closes and buys less of the metal.

On Tuesday the metal hit choppy trading as long positions were being liquidated in hectic business, said sources in London.

Monday's close on the London Metal Exchange (LME) saw copper end at 3,055 dollars a tonne for cash basis, 2,985 dollars a tonne for three-month. Tuesday's trading was uneven and the bell saw copper at 3,004.5 dollars a tonne, 2,957.5 dollars a tonne for three- month delivery.

Mid-week, the metal finished at 2,974 dollars a tonne, 2,944.5 dollars a tonne for three-month. By Friday's close in London the contract had gained a few clicks to close at 2,900 dollars a tonne, 2,969.5 dollars a tonne for three-month.

Aluminium had a patchy week, moving down initially and edging up a few notches mid-week in quiet trading. It closed Monday at 1,893 dollars a tonne, 1923.5 dollars a tonne for three-month.

Tuesday's close was 1,859 dollars a tonne, 1994.5 dollars a tonne for three-month. By mid-week it clicked up to 1861.5 dollars a tonne, 1,897.5 dollars a tonne for three-month metal.

Friday's bell saw the light metal end at 1,916 dollars a tonne, 1,943.5 dollars a tonne for the futures price.

Nickel again was zigzagging across the London Metal Exchange as worries about Russia's Norilsk nickel smelter continued to focus traders' attention. Production has been disrupted at the plant in Siberia and since it produces a large slice of the world's production, this has caused chaos on metal markets.

© Inter Press Service (2014) — All Rights Reserved. Original source: Inter Press Service

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