BASE metals on the London Metal Exchange (LME) have closed mixed as gains in nickel and lead continue to steal the focus of the market while copper and aluminum drift lower.
"Copper has been surprisingly quiet with the metal trading sideways in a narrow range, while the supporting cast of lead and nickel take the limelight instead," said Standard Bank base metals analyst Leon Westgate.
Nickel on Tuesday extended its recent strong gains to hit its highest price since late December, as investors anticipated the supply-limiting effects of an export ban in top ore-exporter Indonesia. The ban was enforced on Sunday, although last-minute meetings have left room for exceptions.
The legislation is aimed at locating ore processing activities in Indonesia in order to export higher-value products and reduce the nation's current account deficit. Nickel is used to make stainless steel and feeds China's nickel pig iron industry.
LME three-month nickel on Tuesday closed 1.0 per cent higher at $US14,340 a metric ton, or tonne. In early trading the metal hit its highest value since December 23, at $US14,400 a tonne.
Turnover in other metals was muted, said analysts, with copper and aluminium slipping into consolidating patterns, closing down 0.7 per cent at $US7,270 a tonne and 1.2 per cent at $US1,759.50 per tonne, respectively.
The exception was lead, where trading volumes were robust and prices were pulled higher by nickel. Lead closed 1.0 per cent higher at $US2,187 per tonne.
"The focus has switched back from zinc into lead," added Westgate.
"With positioning, or rather repositioning, in zinc appearing to have run its course, and with lead activity building up, the fundamentals of lead versus zinc should start to reassert themselves again.
"This should allow lead prices to start to extend their lead over the likes of zinc over the coming weeks."
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