Metals - Copper eases in thin trade as soft equities, US data weigh |
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Mon, 31 Dec 2007 10:46
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LONDON (Thomson Financial) - Copper drifted lower in thin trade on the last trading day of the year, with poor US housing data released Friday and weakness on the equity markets this morning weighing on sentiment a touch.Interest is likely to be depressed today in advance of tomorrow's New Year holiday, but with volumes thin, volatility could be increased, analysts said. US existing homes data due out later today could lend some direction to trade.'The base metals remain in consolidation mode, prices are down from recent highs, but are generally up from the pre-Christmas levels,' said BaseMetals.com analyst William Adams.'Gold and oil are strong, but overall poor US economic data continues to weigh on the base metals as did the weaker tone in equities on Friday.''With many parts of Asia on holiday today the market has been quiet overnight and with the LME closed tomorrow for New Year, trading today is likely to be quiet unless there are some last minute book squaring to be done,' he added.At 9.52 am, LME copper for 3-month delivery was up at 6,797 usd a tonne against 6,830 usd at the close Friday.Among other metals, lead inched up to 2,575 usd a tonne against 2,570 usd while zinc eased to 2,405 usd a tonne against 2,425 usd.Nickel edged higher to 26,475 usd a tonne against 26,400 usd, tin was steady at 16,450 usd against 16,475 usd and aluminium was virtually unchanged at 2,423 usd against 2,420 usd.jan.harvey@thomson.comhar/akCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Metals - Copper eases as fall in equities dents risk appetite 