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Kamis, 13 Januari 2011

Commodity Online Base metals turn bullish in LME

SINGAPORE (Commodity Online): As risk appetite recovered ahead of closely watched euro-zone bond auctions Base metals were up on the London Metal Exchange.

A trader at a European bank in Singapore said copper was well-bid after gains Tuesday, with Portugal's bond auction later likely to be a non-event given the European Central Bank is unlikely to allow it to fail.

Though Copper climbed up investors believes that it only one good session away from its all-time high. Customers are holding off until after Chinese New Year At 0510 GMT LME three-month copper was at $9,576.25/oz, up $56.25 with 1,212 lots traded.

On the Shanghai Futures Exchange April copper was at CNY71,640/ton, up CNY1,000 and at a $360 discount to the LME contract.
Other metals were also higher, with LME three-month nickel at $24,900/ton, up $205 with 102 lots and aluminum at $2,500/ton, up $4 with 246 lots done.

Despite a bullish outlook for aluminum coming from Alcoa, its recent bull run has stalled after 124,000 tons was added to LME inventories in the past two sessions, a reminder that aluminum's supply overhang remains intact.

In addition, supply from the world ex-China is likely to expand in the first half of 2011 as new smelters in the Middle East ramp up

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