Base metals gyrated throughout on Tuesday amid London Metal Exchange (LME) trading, with most prices ending softer after profit-taking and liquidation, traders said.
Recent strong surges have left most metals ripe for a correction, and copper's attainment of the landmark $3,000 a tonne was the signal for a general pause in the complex and profit-taking, they said.
The market was also positioning itself for Wednesday's March traded options declarations.
"I think the market is over-cooked but I can't say we are at the top yet. A fall below $2,850 would indicate a reversal," an LME floor trader said.
Despite that, sentiment remained bullish, and more gains were possible with copper inventories continuing to decline on a daily basis.
Most other metals moved back with copper, but largely held in support areas. Aluminium dropped $23 to $1,725.
The metal has struggled to crack resistance around $1,745, needing a break of that level to open the way back up to last month's high of $1,775.
"Aluminium remains in its upward trend, but has failed so far to convincingly break through the nearby resistance area around $1,750 a tonne, despite stronger alumina spot prices (now above $500 a tonne CIF)," Sternby said.
Nickel fell under liquidation, closing at $14,300, down $400, while lead was $18 lower at $892.
Zinc hardly budged from $1,150, finishing at $1,149, down $3. Tin was the exception, closing at $6,990, up $30, with a wide cash/threes backwardation of $70/75 underlining March tightness and discouraging short selling.
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