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Base metals prices soft in LME pre-market on Chinese, Greek news

March 08, 2012 - 09:55 GMT Location: London

KEYWORDS: base metals prices , aluminium prices , nickel prices , tin prices , LME , pre-market , Greece , China

Base metals prices remained relatively weak as trading opened on the London Metal Exchange on Thursday March 8, as the market continues to digest news of slowing Chinese GDP growth, and traders shy away from taking positions on continued Greek woes.

Aluminium prices slipped about $20 compared with Wednesday’s opening level, to $2,215 per tonne, basis three months, and were trading in a range of just $17 during the morning. "I think everyone’s looking to the debt swap. Every time I look at the news, it seems to be going terribly," a category I trader told Metal Bulletin. The trend of headline trading is likely to continue, he added, as non-farm payroll data is expected from the US in the coming days. "The non-farm data might be quite interesting – we’ll see whether we still have employment picking...

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