LME prices softer at kerb close

London Metal Exchange (LME) prices ended softer on Friday, with bearish sentiment dominating at the kerb after long position building earlier in the day, analysts and traders said.
"A bearish trend is starting to establish," an LME trader said.
"Usually in a bull run a retracement like this would be viewed as a buying opportunity and prices would bounce higher. That doesn't seem to be happening, which makes me think we are in for more on the downside," the trader added.
Another said prices were lower after dealers squared up positions ahead of the weekend.
"People were going quietly long through the afternoon, but there was no follow-through and they squared up and liquidated," he said.
Analyst Edward Meir at Man Financial said a price rise was more likely to be a treacherous bounce than a return to the uptrend.
Traders said Thursday's bomb attacks on packed commuter trains in Madrid, which killed at least 198 people and also wounded 1,463, had not played a significant role in price development so far.
However, a move by investors away from currencies and bonds and into more tangible assets could push the market higher.
Copper ended the day at $2,864 a tonne, down from $2,902 at Thursday's kerb close.
Meir said copper could come under bearish pressure in the longer term after an increase in copper restarts and expansions coming out of China and India.
"Aggressive restarts have been noticeably absent over the past few months, but announcements seem to be more frequent of late," Meir said.
China's Jiangxi Copper said on Friday it planned to produce more than 400,000 tonnes of copper cathode in 2004, up from 343,000 tonnes in 2003.
India's SWIL Group said it had started production at its delayed 70,000 tonnes per year copper smelter in Gujarat.
Aluminium fell to $1,663 from $1,686, while nickel dropped $150 to $12,900.
"Nickel is under pressure below $13,000 and it needs a decisive close above if it wants to do anything," the first trader said.
Zinc ended the day $12 down at $1,111 and lead ended at $848 from Thursday's kerb close of $850. Only tin escaped the bearish mood, ending at $7,200, a $50 increase from Thursday.