CIJENE OBOJENIH METALA NA BURZI U LONDONU

LONDONSKA BURZA KOVINA: SLUŽBENE CIJENE 23.04.1997. LME OFFICIAL PRICES - APR 23 CASH 3 MTHS 15 MTHS 27 MTHS SETT COPPER 2482.0/84.0 2352.0/53.0 2105.0/15.0 2045.0/55.0 2484 (STG EQV) 1521.59 1443.31 TIN 5795/5805 5815/5820 5880/5890 5805 LEAD 634.00/5.00 638.00/8.50 668.00/3.00 635 (STG EQV) 388.97 391.65 ZINC 1250.5/51.0 1273.5/74.0 1242.0/47.0 1200.0/05.0 1251 ALU.HG 1571.5/72.5 1605.5/06.0 1637.0/42.0 1628.0/33.0 1572.5 NICKEL 7301/7302 7419/7420 7670/7690 7850/7870 7302 ALALLOY 1460.0/65.0 1487.0/90.0 1570.0/90.0 1465 SETTLEMENT RATES - GBP 1.6325 DEM 1.7142 JPY 126.07 LME copper underpinned by robust spreads at midday LONDON, April 23 (Reuter) - LME copper and aluminium hardened the previous day's sharp gains on Wednesday morning as copper spreads flared again, and aluminium inventories saw more erosion. Both markets ended slightly firmer after struggling with higher numbers. Three months copper crept up $3 to $2,351 by the end of the morning kerb after exploring $6 higher, but the spotlight centred on spreads as nervous players raced to cover positions. The benchmark cash/threes flared to $130/$140 by the end of the kerb, compared to $100/$105 at the end of business on Tuesday. With the tightness mainly in late April to early May dates, the premium of cash over May metal surged to around $65 from $48. Cash/threes was last at a $100 backwardation in mid-February after it ballooned to $300 in late January. Traders were unsure how much more the backwardations would widen this time. "There doesn't seem to be an obvious short like last time when the funds were hit...a lot of covering is being done now," said one senior floor trader. LME stocks fell by a net 1,025 tonnes on Wednesday, but it included 925 tonnes of deliveries in and 1,950 tonnnes out. Comex copper stocks were likely to be moved to the LME's Long Beach warehouse to take advantage of the backwardation and if overall LME stocks begin to rise, that could cool the market, another floor trader said. "But there's not a lot of copper around elsewhere," he added. Aluminium cemented a place above $1,600 after stocks recorded another hefty fall on Wednesday, this time by 5,225 tonnes. Physical offtake was said to have taken off in continental Europe, traders said. "It's real consumption, not a squeeze," a floor trader said, adding that there was good upside potential since he reckoned the funds were still somewhat short. Three months prices touched $1,610, just under the 30-day moving average around $1,615, then settled at $1,605, a $12 gain. The other metals were mixed, hovering around Tuesday's closing levels. Zinc had the most energy, challenging the 30-day moving average around $1,273 but finishing just under it at $1,271, up $7. The market had scope to move higher, but the question was when, traders and analysts said. "It could move back up to $1,300 today if the conditions were right, it depends when the funds decide to come back in," a floor trader said. A close on Wednesday evening above the 30-day average would be very positive, he added. Nickel held to a tiny range, having a look at $7,450, but failing again at that resistance level and ending the kerb with a $5 gain t $7,430. Lead ended $1 lower at $641 and tin was last indicated at $5,820/30, down from $5,840. Alloy surged strongly to $1,487/90 from $1,462. --Eric Onstad, London Newsroom ++44 171 542 8065 231531 MET apr 97