A subdued tone overtook the base metals ton on the London Metal Exchange Friday, with a lack of demand by Asian players overnight leaving prices floundering as support levels were probed. The markets took little note of the fact that oil prices have fallen after news that Venezuelan President Hugo Chavez was giving up power raised expectations of resumption of oil flow from the world's fourth largest oil exporter. Instead, with global economic indicators looking less bullish, prices fell disappointingly lower across the board.COPPER: Bank selling pushed three-month copper down through 1,580 dollars a metric ton, as the lack of Far Eastern buying failed to support the market. Copper touched 1,377 dollars/ton (bid) with support at 1,370-75 dollars/ton the next key area set to be probed, market players said. If this support is broken then the downside target becomes 1,530-35 dollars/ton, players added. Speculative players are nonetheless expected to enter should support hold firm, with buying up through 1,590 dollars/ton expected, with the upside capped around 1,610 dollars/ton. Dealers said the absence of players in China, who have been relatively steady buyers last week, was unexpected given the weaker close of copper.
NSTL
