LONDONSKA BURZA KOVINA: SLUŽBENE CIJENE 23.06.1997.
LME OFFICIAL PRICES - JUN 23
CASH 3 MTHS 15 MTHS 27 MTHS SETT
COPPER 2628.0/30.0 2494.0/95.0 2175.0/85.0 2060.0/70.0 2630
(STG EQV) 1583.96 1506.4
TIN 5535/5540 5580/5590 5715/5725 5540
LEAD 605.50/6.00 618.00/8.50 640.00/5.00 606
(STG EQV) 364.97 373.43
ZINC 1371.0/72.0 1391.5/92.0 1313.0/18.0 1255.0/60.0 1372
ALU.HG 1549.0/49.5 1572.5/73.0 1613.0/18.0 1627.0/32.0 1549.5
NICKEL 7095/7100 7215/7217 7490/7510 7715/7735 7100
ALALLOY 1436.0/37.0 1462.0/64.0 1510.0/30.0 1437
SETTLEMENT RATES - GBP 1.6604 DEM 1.7233 JPY 115.39
LME copper dives below $2,500 before bouncing
LONDON, June 23 (Reuter) - Copper prices tumbled sharply on
Monday after breaking through a succession of support levels on
the back of Friday's late slide.
But despite three months prices falling below the key
psychologicl $2,500 level, copper's nearby spreads stayed tight.
At its nadir, copper slid to $2,486 per tonne in the first
ring, a decline of $81 from Friday's kerb close.
Traders attributed the move to follow-through selling
triggering sell-stops in a market undermined by a bout of
technical fund liquidation on Friday, traders said.
By the end of the morning session, however, prices had
rebounded to finish at $2,498, down $69, although copper was
unable to regain a convincing grip above $2,500.
Although the price came down heavily, the backwardation in
nearby months -- particularly July/August -- remained wide, and
traders said the tightness could deepen against a background of
low LME stocks. Inventories rose slightly by 225 tonnes on
Monday morning.
The cash to threes backwardation was last at $138/$142,
similar to the high from last week.
"The nearby spreads widened further, hitting a peak of $140
in the rings as major short positions were rolled forward amid a
market in the grip of a technical squeeze," brokers Brandeis
wrote in a report referring to Friday's trading.
But traders shrugged off news that the South Korean Finance
Ministry was investigating overseas futures trading by Korean
companies.
Korean brokers and traders said the ministry was probing a
recent sharp increase in South Korean base metal futures and
options trade on the LME.
"It's interesting to see how this develops, but news of an
investigation is not going to move the market," an LME floor
trader said.
The other base metals felt copper's pain and drifted lower
in sympathy, although most came off their lows by the end of the
kerb.
Aluminium was down $4 at $1,574, well within the recent
$1,550-$1,600 price range.
Zinc, which rocketed last week on speculative buying to near
seven-year highs, also drifted back from Friday's highs above
$1,400. But at $1,395 it was just $5 down from the previous kerb
close.
Nickel was nervous and a touch weaker at $7,220, down $50,
as the market awaited fresh news on the Inco strike at Sudbury.
But support at $7,200 was evident when prices flirted with the
downside.
Tin settled unchanged at $5,590 after trading quietly in a
tiny range, and lead was last quoted at $618/619, down $6.
Alloy was quiet and bid slightly lower at $1,460/1,470
231550 MET jun 97
(Hina) pp/db