London 13/06/2016 - Base metals ended Monday trading on the LME mixed - sentiment remains cautious while wider global market uncertainties are weighing, traders said.
"It's been a nervous start to the week, with markets poised to face a bumpy ride through the balance of June," a trader said.
Chinese growth, US and Spanish elections and the UK's future in Europe continue to worry investors.
Business flows and market direction will partly be influenced by the start of LME Week Asia, traders said - many industry participants will be in Hong Kong.
Data released earlier from China was uninspiring, with May industrial production rising 6.0 percent against a forecast 6.1 percent and fixed asset investment increased at a mediocre 9.5 percent, missing the predicted 10.5 percent.
"The slowdown suggests government efforts to cut excess capacity and restructure so called 'zombie enterprises' are acting as a broader drag on the economy and may require continued accommodation on fiscal and monetary policy," FastMarkets analyst James Moore said.
The economic calendar was light elsewhere but there are key macroeconomic releases, monetary policy meetings and political activity later this week.
The Federal Open Market Committee (FOMC) meeting this week is expected to provide further signals on when the US might raise interest rates.
The CME Fedwatch currently implies a sub-two-percent probability the Fed will raise rates this week after markets all but priced out a rate rise in the wake of May's weak employment data.
As well, the impending Brexit vote could add to wider market volatility both in the run-up to the UK vote and in the immediate aftermath.
"We suspect that sentiment in the markets will remain sloppy over the next few days, as Brexit fears and the impact of the Orlando shootings play out," INTL FCStone Edward Meir analyst noted.
Saturday night's Orlando nightclub shooting has worried markets and raised concerns over domestic security. Islamic State has claimed credit after the gunman murdered 50 people and wounded several others.
In the metals, copper, which hit a low of $4,487 on Friday, concluded at $4,557 per tonne, up $47 on Friday's close.
Volumes were robust after Chinese markets reopened following a two-day holiday at the end of the previous week. More than 21,000 lots changed hands on Select by the kerb close.
Spreads were in focus today as this week marks 'Third Wednesday' when the June date will become prompt.
Copper nearby spreads, which rapidly switched from long-running backwardations to contango structures, last week, continued to relax - the cash/threes rate traded out at $16.50 contango.
In warehouse stock data, the recent pattern of warranting abated today - inventories declined a net 3,050 tonnes to 207,625 tonnes.
Aluminium closed at $1,600, up $27. In the spreads, the cash/threes moved to a backwardation of $3. Stocks fell 5,375 tonnes to 2,468,850 tonnes.
Zinc concluded at $2,077, a drop of $9 - inventories fell 325 tonnes to 380,075 tonnes - while lead ended at $1,711, up $16, with stocks unchanged at 185,925 tonnes.
Nickel closed $35 lower at $8,890 - inventories fell 930 tonnes to 393,732 tonnes. Tin ended at $17,150, up $50, after stocks edged 20 tonnes lower to 6,555 tonnes.
Steel billet was last indicated at $240/290 and cobalt and molybdenum at $23,500/24,000 and $14,800/15,300 respectively.
(Additional reporting by Martin Hayes and Dalton Barker, editing by Mark Shaw)