Base metals closed firmly on the London Metal Exchange (LME) on Wednesday on a weaker dollar, but failed to react immediately as President George W. Bush won re-election, traders said. "People had thought once the elections were over the market would move...but it's just stuck in ranges," one LME trader said.
"I think the trend is down, but the market could have a bit of a run-up before heading lower," he said.
Market watchers said fundamentals would re-assert themselves.
"By the middle of the month people should be looking at fundamental data again, which I think will be more bearish," Man Financial metals analyst Edward Meir said.
"It's been a currency-driven day today," Meir said.
After an initial rally on the likelihood of a Bush win, the dollar eased through the day.
At 1700 GMT the euro stood at $1.2787/89 against $1.2725 overnight in New York.
Copper was at $2,875 a tonne, up from a Tuesday kerb close of $2,847, and was eyeing resistance at $2,900.
"Copper has climbed all day as the dollar weakened, but it doesn't seem to have reacted to Bush's victory much," a second trader said.
"The market has been quiet all day and I guess people have decided to sit things out," the trader added.
In Wednesday's LME traded option expiries, traders said partial declarations were made of a sizeable tonnage of $2,950 November copper call options
Apart from some $1,825 aluminium calls, little other significant action was reported during the declarations, they added.
Aluminium also firmed to close at $1,810 versus $1,793.
Lead rose $7 to $867, while zinc rose $8 to $1,045.
Nickel rose $150 to $13,625, while tin ticked back $5 to $9,040.
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