Metals - Copper consolidates after Friday's strong gains
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LONDON (Thomson Financial) - Copper was flat as the market consolidated after posting strong gains Friday on falling global inventories.
Calyon analyst Michael Widmer said sentiment is relatively neutral today, with news of more sharp falls in LME inventories offset by expectations that demand in the western world will slow over the summer months.
At 10.12 am, LME copper for three-month delivery was flat at 7,450 usd a tonne.
The LME said in a report earlier that copper stocks held in its warehouses extended recent falls, dropping by a sharp 3,550 tonnes on the day to total 123,900 tonnes.
LME stocks have fallen from around 200,000 tonnes at the start of the year to under 130,000 tonnes.
In other metals, nickel was down at 47,400 usd a tonne against 47,500 usd, zinc was down at 3,720 usd against 3,770 usd, while lead fell to 2,340 usd against 2,367 usd.
Aluminium bucked the trend, edging up to 2,790 usd against 2,788 usd
LONDON (Thomson Financial) - Copper was flat as the market consolidated after posting strong gains Friday on falling global inventories.
Calyon analyst Michael Widmer said sentiment is relatively neutral today, with news of more sharp falls in LME inventories offset by expectations that demand in the western world will slow over the summer months.
At 10.12 am, LME copper for three-month delivery was flat at 7,450 usd a tonne.
The LME said in a report earlier that copper stocks held in its warehouses extended recent falls, dropping by a sharp 3,550 tonnes on the day to total 123,900 tonnes.
LME stocks have fallen from around 200,000 tonnes at the start of the year to under 130,000 tonnes.
In other metals, nickel was down at 47,400 usd a tonne against 47,500 usd, zinc was down at 3,720 usd against 3,770 usd, while lead fell to 2,340 usd against 2,367 usd.
Aluminium bucked the trend, edging up to 2,790 usd against 2,788 usd
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