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London Metal Exchange (LME) copper prices ended slightly down on Friday in line with the premium for prompt delivery, dealers said.
The move prompted profit-taking, but tight supply kept underlying support solid amid high oil prices and fears about more damage to US oil refineries in the remaining two months of the hurricane season in the US Gulf Coast region.
Fund money has poured into commodities recently as worries about an oil shortage prompted investment.
"The market was basically rolled over, with a bit of lending on the spreads and things were generally quiet," a dealer said.
"The market could do with some consolidation after recent volatility and, with little on the horizon to change that view, we expect some stability in the short term."
Nearby rates have eased, with the benchmark cash/threes backwardation standing at around $140 a tonne from around $180 at the start of the week.
"Remember, the market has the uncanny ability to do the unexpected, so the more the fundamentals catch up with the price, the more likely the price will do the unexpected," Basemetals.com's William Adams said.
"The other broader issue is what impact are high energy prices and interest rates having on businesses and consumers around the world.
"It is possible that before long the markets will start to react to the likely slowdown that these may cause."
Canada's Falconbridge Ltd had yet to settle a labour dispute at its Kidd Creek copper and zinc plant in Timmins, Ontario, and while it is hoping for a quick resolution there were a number of barriers to overcome before the midnight deadline, it said on Friday.
Kidd Creek is scheduled to produce about 130,000 tonnes of refined copper and 135,000 tonnes of zinc this year, equal to about 0.7 percent of global copper production and one percent of world zinc output.
Aluminium was at $1,851, down $21, while nickel was $5 higher at $13,500. Others were little changed.

Copyright Reuters, 2005

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