Copper staged a partial recovery on Monday on the London Metal Exchange (LME) after Friday's 3.5 percent sell-off, trading within ranges but finding support from industrial unrest. "People are not yet very concerned about the strikes but they are supporting the market. I think we would have sold down without that news," one LME trader said.
Workers at Asarco's Mission and Silver Bell mines in Arizona walked out on Sunday after some 1,000 others went on strike over the weekend following deadlocked contract talks, local media reported.
In Chile, workers went on strike at Placer Dome's Zaldivar mine on Monday after failing to reach a new contract deal with the company following more than a week of talks.
Three months copper ended the day at $3,232 a tonne, up from Friday's kerb close of $3,205.
Despite the volatility in copper, trade was slim due to the lack of US investors, absent for Independence Day holiday.
"Most of the business was done by the early morning," a second trader said.
Aluminium rose to $1,697 from $1,688, recovering from an earlier eight-month low of $1,682.50.
Zinc was untraded, edging off its low of the day of $1,182.50, but still down $9 at $1,188/93.
Lead was down $1 at $864.
Nickel lost ground on sell-stops, dropping $375 to $14,100.
"Nickel looks sickest of the complex at the close and I imagine we'll see more selling," the second trader said.
Barclays Capital said nickel was eyeing the next level of price support, which is at $14,000.
"Demand has slowed, and, evident from slower imports of refined nickel into China, stainless steel mills are de-stocking," it said in a daily report. Tin was $7,240/250 from $7,160/7,200.
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