London 25/07/2016 - Base metals made a slow start to the week, with prices opting to range close to pre-weekend levels - summer conditions took their toll on investor and trade interest.
Sentiment was inhibited to some exent by a stronger dollar and weaker oil prices - the dollar index was last around 97.40 while spot Brent crude was trading at softer levels below $45 per barrel.
"The commodity markets seem to be in a mixed pattern for now and we expect this to stay in place for most of the week," INTL FCStone analyst Edward Meir noted.
The data flow was light, with this week market's attention on central bank meetings and monetary policy - the US Fed on Wednesday and the Bank of Japan (BoJ) on Friday.
As well, on the economic side, the release of US second-quarter GDP data is also on Friday - the US economy appears to be on pace for its eighth year of expansion. That momentum was on display on Friday, with the US flash manufacturing PMI for July a forecast-beating 52.9.
In the metals, copper ranged either side of of its $20-lower close of $4,900 - but was mostly above that level. In today's warehouse data, copper stocks fell a net 1,375 tonnes to 221,350 tonnes and cancelled warrants climbed 1,375 tonnes to 85,850 tonnes.
Aluminium found some support around $1,600, although last trade at $1,605 was $6 lower - this morning stocks fell 5,850 tonnes to 2,319,150 tonnes and cancelled warrants dropped 7,925 tonnes to 934,525 tonnes.
Nickel finished $55 higher at $10,475, continuing to find support from developments in the Philippines - a sixth nickel miner has been ordered by the government to stop production at two of its operations due to environmental violations. Investment fund money helped prices reach $10,900 last week, the highest since October 2015.
Inventories, meanwhile, fell 1,752 tonnes to 373,608 tonnes and cancelled warrants dropped 1,854 tonnes to 112,668 tonnes.
Lead drifted gently to $1,843, a $5 loss from Friday. Inventories rose a modest 75 tonnes to 187,350 tonnes. Zinc held station after last week's move to near $2,300, closing at $2,249, up a mere $4, with stocks down 125 tonnes to 436,800 tonnes.
Tin moved lightly throughout the day, ending at $17,775, up just $25. Today, stocks fell 50 tonnes to 5,970 tonnes.
Steel billet was neglected while cobalt was indicated at $25,350/25,850 and molybdenum at $14,250/14,750.
(Additional reporting by Ewa Manthey, editing by Mark Shaw)