LME LATEST - Base metals tread higher; copper sees resistance at $7,300

By: Lynette Tan

- Base metals continued to drift sideways during Tuesday’s morning trade with European shares mostly trading in the red.

- Copper price movements seem to be trending higher, with prices reaching a high of $7,292 per tonne and current bid at $7,286. Technical indicators are on the rise, with Fastmarkets’ Research team looking at copper’s resistance between $7,300 and $7,330. Warehouse stocks fell a net 6,325 tonnes to 517,100 tonnes while cancelled warrants added 2,600 tonnes to 255,725 tonnes.

- Aluminium is currently at $1,869, trading in a small $20 range. Warehouse stocks fell 7,125 tonnes to 5,346,900 tonnes and cancelled warrants declined 6,750 tonnes to 1,896,125 tonnes.

- Tin stocks were lower by 150 tonnes to 13,045 tonnes and net cancelled warrants down 300 tonnes to 59,140 tonnes.

- Nickel stocks rose 138 tonnes to another all-time high of 228,066 tonnes. Zinc inventories dropped 3,075 tonnes to 1,006,000 tonnes. Lead inventories and cancelled warrants both fell 500 tonnes to 236,800 tonnes and 60,075 tonnes respectively.

- Steel billet was last quoted at $210/240 - stocks fell 2,015 tonnes or around 7.8 percent to 23,725 tonnes, with stocks moving out only from Antwerp. Cobalt and molybdenum were quoted at $26,750 and $21,000 respectively.