Copper prices were fluctuating either side of $8,400 per tonne in pre-market trading on the London Metal Exchange on Wednesday May 2, with the Chinese and European markets reopening without firm direction.
Three-month copper traded at $8,398.50 per tonne at 10:13 BST, down from an opening price of $8,414 per tonne.
The market was buoyed on Tuesday by further signs of strength in the US manufacturing sector, but there are unlikely to be any dramatic price moves ahead of key non-farm payrolls data due to be released on Friday, a category II broker said in a note.
“With the market continuing to consolidate after last week’s run-up we expect any serious money will wait till after Friday’s employment report before committing itself to the market,” the broker said.
The rangebound trend seen across base metals in recent weeks has encouraged funds to step back from the market, a category I broker said.
“They’re probably having a hard time because there’s no definitive trend to take a view on,” the broker told Metal Bulletin.
Copper stocks in LME-listed warehouses stood at 238,950 tonnes, down 2,600 tonnes after deliveries out of several US stores.
Three-month aluminium traded at $2,123 per tonne at 10:07 BST, up $10.50 from its opening price. The light metal recorded a low of $2,111 per tonne and achieved a high of $2,125.50 per tonne as London trading got under way.
Aluminium stocks in LME-listed locations totalled 5,015,500 tonnes, up 1,000 tonnes after a 10,000-tonne delivery into Vlissingen and outflows at other locations including Detroit and Baltimore.
Three-month zinc traded at $2,054.50 per tonne at 10:11 BST, an intraday high, recovering from losses earlier in the session. The galvanizing metal opened at $2,053.75 per tonne and hit a low of $2,039.25 per tonne before rebounding.
Zinc stocks in LME-listed warehouses totalled 928,875 tonnes, up 2,325 tonnes after deliveries into Port Klang and Johor.
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