LME COPPER MIDSESSION FEATURES CASH PRICING
LME morning ring dealings in copper ended
with three months Grade A business at 883 stg per tonne, up
seven stg from yesterday's afternoon kerb close, equivalent to
1,417 dlrs per tonne, a rise of 11 dlrs.
    Morning ring dealings featured a wave of cash pricing
purchases near the official close which established an
indicated spread backwardation of 37 stg after earlier
borrowing at a premium of 32 stg, unchanged from yesterday
afternoon, traders said.
    Forward values extended pre-market gains, despite currency
factors, with short covering and some chart support evident.
    Ring dealings also included options-linked borrowing
interest from end April dates for one month at a backwardation
of 23 stg.
    Analysts said the 870 stg area appears to have provided a
minor chart support base, although upside potential remains
limited against a background of routine physical demand and a
buoyant U.K. Currency.
    On the pre-market, activity was mainly dollar-based and
within the range 1,408 to 1,411 dlrs per tonne, traders said.
    Standard grade retained a spread backwardation of 10 stg
but was tradeless.
 REUTER
