Copper, zinc rise on bullish fundamentals: LME - Metals News - Metals Place: "Ongoing concerns about possible future protests at Freeport McMoRan's Grasberg mine in Indonesia, the world's second largest copper mine, are underpinning prices, analyst Ingrid Sternby at Barclays Capital said.
However, falling inventories for copper, zinc and nickel all indicate a healthy demand outlook that will keep prices high for the longer term, she added.
LME zinc fell during pre-market trade after 2,375 tons were delivered into warehouses in New Orleans, Roy Carson at Triland said.
Zinc rose during the afternoon in line with sector strength, reaching a record high of $2,588/ton.
LME aluminium continues to trade at a discount to zinc, the first time since 1992. Sector strength and positive technical charts were aluminium's main drivers Friday. Resistance is pegged at $2,550/ton, Carson said.
Nickel bucked the trend, ending down after trade selling pared early gains.
3 months metal (prices in dollars a ton)
Bid – Ask, Change from Thursday PM kerb
Copper 5249.00-5250.00, Up 15.00
Lead 1246.00-1248.00, Up 17.00
Zinc 2579.50-2580.50, Up 8.50
Aluminium 2539.00-2540.00, Up 6.00
Nickel 15190.00-15200.00, Dn 135.00
Tin 8200.00-8250.00, Dn 25.00"
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