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LME base metals bounce on gold price

November 16, 2009 - 11:12 GMT Location: London

KEYWORDS: copper , nickel , aluminium , lme , premarket , jethro wookey

Base metals all opened above Friday’s official settlement prices on the London Metal Exchange on Monday morning as market participants continue to take their lead from the historically-high gold price

Gold was trading at $1,128.75 per oz on Monday morning. Traders attributed strong overnight copper buying in Asia to the gold price effect, following thin business throughout last week as fund buying was subdued due to weak sentiment. "It was a pretty uneventful week last week – the only thing you can put your finger on is the gold rally, which has had an effect on copper overnight," a category I trader said. "There were good volumes in copper overnight, but not in any of the other metals, and it’s been quiet this morning." Three-month copper opened the day at $6,550 per tonne after settling in Friday’s officials at $6511/12 per tonne. The red metal traded up to $6,702 per tonne by 11.11 GMT and traded no lower than its opening price. Fundamental factors continue to play only...

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