Copper closed slightly lower on the London Metal Exchange on Wednesday giving up early gains, while nickel, which touched a new record high at midday, ended slightly firmer, analysts said.
Base metal prices are expected to hold at historically high levels, but may head lower in 2007 as global growth slows and production rises, according to a Reuters poll of 29 commodity analysts.
Three-months copper was down $30 at $7,370 per tonne at Wednesday's last open outcry.
Nickel was at $22,750 versus $22,550 on Tuesday.
"Investors are buying nickel. Resistance is $23,100 and if the stocks keep coming down buying interest will continue, but we are coming into summer and demand is slowing down," an LME dealer said.
Prices earlier touched a new record peak of $23,075. Analysts saw prices averaging around $17,000 this year and $15,000 in 2007, versus $17,350 in the first half.
"The last time we got to $23,000 the LME stocks were considerably higher, so we ought to go higher," another trader said.
New orders at US factories rose more than expected in May and private-sector job creation surged last month, according to reports on Wednesday that showed signs of strength in the economy.
"The US released the data for durable goods orders in the last week of last month. They then re-release the data and include non-durables so these numbers are already in the price," a third dealer said.
Aluminium was at $2,480, down from $2,590. LME inventories fell by 1,100 tonnes to 770,775.
"Some of the weakness in aluminium may have been currency related. Technically it looks weak." the first trader said.
BaseMetals.com analyst, William Adams, said: "Higher Chinese production of alumina should lead to further production rises in primary output and therefore exports. This should see prices move off these high levels."
Tin was at $8,325/8,375 against $8,325/8,350, and lead was up at $1,010 versus $1,014/1,015.
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