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Copper prices ended slightly higher in floor trading on the London Metal Exchange on Tuesday to target a fresh challenge of the new all-time high of $3,987.25 a tonne reached in pre-market business, dealers said.
Three months prices closed at $3,955, up $5 from Monday's kerb close.
"Overall the vibes are still strong," one trader said, adding that turnover remained low.
"If you look at copper, the stocks are very low and there's still really nothing coming in," a dealer said.
Stocks of copper in LME warehouses fell another 1,575 to 64,125 tonnes - their lowest since August 23.
Analysts said money has swept back into leading metals, with last week's $200 sell-off in copper just a blip.
"It is wild and almost unbelievable, but the appetite of the funds is enormous," Stephen Briggs, analyst at SG Corporate and Investment Banking (SGCIB) said.
Copper in particular had been moving smoothly upwards, setting new highs but becoming more choppy in the past week, Mark Keenan, fund manager at UK-based MPC commodity fund, said.
"At this level, with the increase in volatility, a lot of people are trying to second-guess the longevity of the uptrend."
"This excess volatility is something to look at, and this choppiness is generally associated with a change in direction."
Copper rose by four percent on Monday as investors scrambled to cover short positions while dealers also reported renewed consumer interest.
Yet some remained cautious about the latest rally.
"Was last week's sell-off just another bear trap? Given the action so far this week it certainly looks like it, but with prices now back up at the highs the market again looks top heavy," William Adams, analyst at BaseMetals.com said in a note.
Aluminium stalled at $2,000, but dealers expected more fund buying. Both aluminium and zinc were seen gaining after hitting eight-month and eight-year highs respectively on Monday, despite prompting producer selling.
Aluminium closed at $1,988, down $11, while zinc was down $5 at $1,515.
Nickel ended near to its lowest in a year at $12,350 versus $12,590.
Lead rose $11 to $986 a tonne, while tin was at $6,400 from $6,600.

Copyright Reuters, 2005

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