The only notable feature of LME trading on Tuesday was a heavy fall in nickel, due to stainless production cutback talk from China, while the elimination of Chinese export tax rebates on a range of aluminium products underpinned the light metal. It was a dull day, trading largely sideways within the premarket's $22-range, apart from a brief pick-up in good volume to 2727 in the afternoon. However, with the market remaining firmly range-bound locals were content to lock in modest profits before shutting shop for the day.
Nearby spreads were unchanged and while locals reported steady forward borrowing interest throughout the day, closing valuations betrayed little sign of it with the only (small) gainer being 2010. Two dominant longs who had surfaced in yesterday's WC warrant banding report stayed put in this morning's update from the LME.
Things remained rather dull so far on Wednesday morning, with aluminium trading only between 2724 and 2712 on poor turnover of 500 lots. Ongoing strike talk in the copper market was keeping the red metal steady, while stronger equities indices also lent a positive hue, though yesterday's poor-but-in-line-with-expectations US housing starts data kept enthusiasm in check. Last at 2720.
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