London Metal Exchange (LME) copper prices ended little changed in Monday's floor trading, consolidating in moderate business ahead of options declarations on Wednesday, dealers said.
Three months prices ended at $4,392 a tonne, from $4,384 at Friday's kerb close.
"The market made a push above $4,400 towards the end of the rings, but a failure to close above that might mean more consolidation in the coming sessions, with another try to close above that level needed to score new highs," a dealer said.
"However, expect the market to consolidate until Wednesday's options declarations."
Basemetals.com's William Adams said funds persisted in being the supportive factor in a market that has scored successive highs up to a record $4,425 last week. "while there may well be queues wanting to short the market, most seem to be waiting on the sidelines for the correction to start," he said.
"With options declaration on Wednesday the market may well remain underpinned, but before long a correction seems likely, especially if Chinese shipments start to show up in LME stores."
Oxygen plant workers at Chile's Hernan Videla Lira copper foundry, which produces blister copper, have ended a labour strike after settling a dispute with the firm.
China will hold a fourth 20,000-tonne copper auction on December 7 as part of a yet unsuccessful try to dampen prices. But in 2007 China's State Reserves Bureau will turn to buyer as the domestic supply-demand balance moves into surplus.
Aluminium was up $35 at $2,225 and close to $2,235, a level last seen in May 1989.
"Congestion in aluminium is developing towards the December date and it might get very tight as the warrants are firmly held," another dealer said.
Zinc was up $25 to $1,797, while lead was at $1,108, versus $1,070, and a new dollar-traded contract high.
Nickel rose $250 to $13,350/375, while tin ended at $6,815/820, from $6,660.
Workers at Peru's Funsur, among the world's top tin smelters, began an indefinite pay strike on Monday, halting output.
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