- Base metals held at firm levels across the board, marking time below fresh multi-month highs in some but poised to extend today's upside breakout, underpinned by dollar weakness after the weekend G20 meeting. The US currency was near one-week lows against the euro at 1.4045. The metals were also encouraged by the latest warehouse inventory report, which showed declines for four out of the six primary metals, steel and the alloys.
- Copper, which hit a 27-month high of $8,549 per tonne, was trading at $8,525, up $190 from the Friday close. Inventories fell a net 450 tonnes to 368,375 tonnes, the lowest for 12 months, while cancelled warrants - the metal booked for removal - ticked up to 28,700 tonnes.
- Aluminium was holding above $2,400 - metal changed hands at $2,404, a $39 advance, with a 1,675-tonne stock fall seen. Inventory declines have been resumed after a brief flurry of warranting against 'third Wednesday' week prompt dates, with the stockpile standing at 4.319 million tonnes.
- Nickel cut gains, dipping to $23,780 from $24,000, up $555 still. But inventories increased for the fifth successive day - up a net 1,098 tonnes at 126,768 tonnes, a fresh four-month high. Steel billet stocks fell for the 22nd day in a row, with the 585-tonne decline bringing the stockpile down to 55,770 tonnes, a fresh low since late July.
(Editing by Mark Shaw)