Closing update
Base metals prices dropped further during kerb trading on the LME, with the exception of zinc, which remained flat against Friday's closing level. Tin prices were the major losers, dropping $335, followed by copper, down $55.50. Meanwhile, contangos for the soldering metal strengthened, moving out to a $40 contango on the cash-to-three-month spread, from $27 earlier in the day.
| 5PM Evening evaluations |
| |
Closing price ($/t) |
Change from prvs day ($) |
| Copper |
6106.5 |
-55.5 |
| Aluminium |
1752 |
-16 |
| Zinc |
2177 |
0 |
| Lead |
1936 |
-11 |
| Nickel |
12675 |
-35 |
| Tin |
15490 |
-335 |
15:58 BST update
Edward Meir, of INTL FCStone, had this to say in an afternoon note, on copper and aluminium's weak performances:
"Copper is at $6,136, down $25 and trading between $6,131 and $6,230. It seems we are heading to $6,040 next, which is where we see trend-line support emerging.
"Aluminium has completely...
