Losses were largely modest and turnovers routine, although copper and zinc were pressured by large warehouse inventory increases, with some sub-$6,700 per tonne sell-stops seen in the red metal.
“Before the weekend a lot of people decided to take some money off the table…the market is now looking to see what happens next. We will probably need some good news to sustain the rallies,” a trader said.
Analysts said the waves of profit-taking seen in response to recent impressive upswings is now ushering in some consolidation.
“We remain overall bullish for the metals, but question whether enough potential buyers will be willing to chase prices higher from these already rich price levels,” Metal Bulletin senior analyst William Adams said.
Copper, zinc sag as inventories rise
Others lose ground
Currency moves and data releases