Commodities

BASE metals continued to lose ground in London yesterday although copper and zinc prices rallied from their lowest pre-market levels.

Three-month copper fell to its lowest level since early July before ending the morning trading at pounds 1,308, down pounds 1.50, and dollars 2,476, down dollars 10. Zinc dipped to dollars 1,313, but traders said that, at the lower levels, dealer short-covering and speculators looking to reinstate long positions prompted a rally up to dollars 1,322, down dollars 5 from Thursday. Nickel was overhung by the continued rise in LME stocks, up another 648 tonnes at a record 40,968 tonnes, and three months lost dollars 15 at dollars 7,320.