UNRIF - Base metal prices ease on profit-taking; wild nickel trading continues

Copper and aluminum prices edge lower in London trading as some investors booked profits, while volatile nickel prices fell more than 5% after surging as much as 9% and then dropping more than 7% in the first 45 minutes of trading. According to Reuters, benchmark copper (HG1:COM) recently was -0.4% at $10,300/metric ton, aluminum (LMAHDS03:COM) -0.7% at $3,594/ton and nickel (LN1:COM) -5.5% to $35,175/ton; Russia is a major producer of all three metals. Nickel prices on the Shanghai Futures Exchange hit their 20% upper limit on Friday, ending 11.5% higher at 250,840 yuan ($39,425). The potential for further sanctions against Russia, including sanctions on metal produced there or by its companies, has "the market on tenterhooks," ING analyst Wenyu Yao told Reuters. Meanwhile, United Co. Rusal (OTC:UNRIF) gets help from traders in China to keep its smelters running, as ~30K tons of alumina have been loaded onto two vessels headed

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Base metal prices ease on profit-taking; wild nickel trading continues