LME LATEST - Metals steady as stocks fall across the board; wider markets drift

- Metals continued to tread water on Monday morning after an LME stocks report that showed declines for all major contracts but macroeconomic worries dragged on sentiment in wider markets, which is expected to contain upside attempts for now.

- European stocks edged down at the open, tracking a mixed trend in Asia with sentiment undermined by a host of poor US economic data last week. The dollar edged back from six-week peaks against the euro to 1.2545 from 1.2611 on Friday while gold was flat at $1,210 per ounce and crude oil consolidated at $72.40.

- Copper inventories fell a net 2,800 tonnes to their lowest since early December at 444,500 tonnes and business hovered around the $6,520 per tonne mark, still up $110 on the day. Warehouses also registered a typical 6,100-tonne withdrawal of aluminium, taking stocks to their lowest in one year at 4,410,775 tonnes. Prices at $1,946.50 per tonne were a small $4.50 higher but had failed to make real headway from key support at $1,920, last week's three-week low.

- LME nickel inventories fell a hefty 906 tonnes, with Singapore and Rotterdam as usual the active locations. As high as $19,239 at one point, prices cut gains to $19,070, still $270 up on the day but not far from key support at $18,710, its three-week low touched on Friday. Elsewhere, tin inventories dropped to their lowest since last June, down 195 tonnes to 17,035 tonnes. Business tailed back to $17,290, still a $50 advance. Ten tonnes of cobalt ingot arrived into Rotterdam, bringing total material held in LME locations to 162 tonnes. Business was quoted at $37,000/43,500 per tonne, down $500 from Friday's close.

(Editing by Mark Shaw)

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