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Friday, August 6, 2010

- Base metals traded at steadier levels close to their intraday highs in the open-outcry sessions, although conditions both on the floor and on screen were low-key, reflecting the impasse ahead the much-anticipated US jobs report for July early this afternoon. Most metals held below this week's upturn peaks, although tin hit a new 23-month peak and nickel its best since late-May.

LME LATEST - Steady metals hold around highs in open-outcry sessions, countdown to US jobs report


- All financial markets are marking time ahead of this week's key statistical release, which in previous months has set off price movements throughout all sectors. The euro was relatively stable around 1.3170 against the dollar, while European shares stood some 0.4 percent higher at midday - a similar trend is envisaged later on Wall Street.

- Copper, which traded at $7,454 per tonne at one stage, settled at $7,428, a $28 advance from the Thursday close. Resistance is seen around $7,500 - prices peaked at $7,527 earlier this week, the best for three months.

- Tin, where supplies are tightening, hit $20,774 before trading at $20,700, up $225. Nickel touched $22,280 and then held at $22,125, up $265. Zinc business at $2,128 was up $31 - earlier headline stocks fell a net 575 tonnes to 618,375 tonnes but cancelled warrants soared by some 213 percent to 65,150 tonnes from 20,775 tonnes on Thursday.

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