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Base metals prices slow after five-month highs in LME officials

January 27, 2012 - 16:31 GMT Location: London

KEYWORDS: copper , aluminium , nickel , LME , Metal Bulletin

Base metals prices weakened in afternoon trading on the London Metal Exchange on Friday January 27 after posting a series of fresh five-month lows in the official session.

Three-month copper settled at $8,622/622.5 per tonne compared with an opening price of $8,550 per tonne, and was trading at $8,574.75 per tonne by 16:23 GMT. “There’s pretty heavy technical resistance on the charts above $8,600, so there’s technical profit-taking as we come up to that level,” a category I trader told Metal...

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Aluminium

May 22, 2012 13:32 Base metals prices stable in LME officials
May 22, 2012 11:43 Ormet announces Q1 loss on lower prices, higher costs
May 22, 2012 10:21 Base metals prices trade in tight ranges in LME pre-market
May 22, 2012 08:44 SHFE vs LME arbitrage: copper, aluminium, zinc
May 22, 2012 08:37 Shanghai copper prices edge up on improved sentiment

Copper

May 22, 2012 14:22 Anglo and Codelco suspend legal proceedings over Sur
May 22, 2012 13:32 Base metals prices stable in LME officials
May 22, 2012 11:53 Glencore takes control of Mutanda in $340m deal
May 22, 2012 10:21 Base metals prices trade in tight ranges in LME pre-market
May 22, 2012 08:44 SHFE vs LME arbitrage: copper, aluminium, zinc

Nickel & Tin

May 22, 2012 13:32 Base metals prices stable in LME officials
May 22, 2012 10:21 Base metals prices trade in tight ranges in LME pre-market
May 22, 2012 06:51 China nickel ore imports near 4.8m tonnes in April
May 22, 2012 04:05 LME ASIAN WRAP: Copper prices rangebound as market mulls Europe news
May 21, 2012 18:00 Australia’s IMX takes over Tanzania nickel project as it buys partner Continental

Comment & analysis

COMMENT: When super-cycle poster child BHP Billiton trims its plans...

BHP Billiton is one of the poster children for the commodities super-cycle: a mining company whose immense upstream assets in copper and iron ore have fed the industrialisation of China since the early years of the 21st century and enabled it to return $52 billion to shareholders between 2001 and 2011.
LORD COPPER: There is nothing to fear after JP Morgan loss ...

So, here we go again. Another bank, another huge trade gone bad. This one doesn’t even appear to have been a case of rogue trading; a whole desk seems to have been operating with the full knowledge of the management and/or risk committee.
COMMENT: Keep calm and carry on?

The decision of the Indonesian government last week to uphold the ore export ban and taxes from May 6 has failed to calm the nervous market. So far, both producers and buyers have displayed an impressive tolerance level to the export uncertainty. But how long will their patience last?