Copper retraced yesterday's strong gains as LME stocks edged higher, although prices continued to be underpinned by strong demand levels.
Copper stocks were up by 1,650 tonnes to 214,900 tonnes, said daily LME inventory data.
At 2.01 pm, LME copper for three-month delivery was down at 5,730 usd a tonne having risen 279 usd to settle at 5,749 yesterday.
'Fund buying is coming back in and copper is rising,' said Standard Bank analyst Mike Skinner, adding that today's dip was 'to be expected' because of profit taking.
While copper was moderately lower, all of the other base metals' prices were higher.
'Given the strong tone in the rest of the group, we don't think (copper)prices will stay down for long,' said Man Financial analyst Ed Meir.
Aluminium prices jumped again as market players mulled supply threats from Guinea, West Africa, where worker unions resumed strike action.
The renewed strike disrupted bauxite mining, and bauxite and alumina shipments by Guinea, the world's leading exporter of the ore.
Aluminium was up at 2,845 usd a tonne against 2,820 usd at the close yesterday.
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