Copper ends higher

Copper closed $70 higher on the London Metal Exchange (LME) on Friday, trading in established ranges, with few investors willing to take positions ahead of next week's Federal Reserve meeting, analysts said.
"Markets are on hold pending the Federal Reserve meeting next week. Investors are discounting a rise from the next meeting, but I am not sure people have priced in rises in August and further ahead," Sempra Metals economist John Kemp said.
Analysts expect a quarter of a percentage point rise in US interest rates to 5.25 percent from the June 28-29 meeting, but money managers will scrutinise the language used for signals about future policy.
"Everybody is waiting for the Fed decision on interest rates, and what the forecast will be for the next months. Everybody is waiting for that to know what to do in stocks, commodities, gold," a European fund manager said. Copper traded between $6,572 and $6,810 per tonne on electronic platform Select.
In a flurry of buying at the closing bell, copper pushed up to $6,780 at the last open outcry, versus $6,710 on Thursday. "There is limited trade business going through, but the funds are not keen to get involved," a trader said. "They are selling into the rallies, taking the chance to wind down their exposure, but they don't have the appetite to put on big positions."
Nickel was quoted at $19,200/19,250, down $300, falling despite stocks at their lowest since September last year and s constructive supply-demand picture.
"We went from a situation last year when the market was in surplus, as stainless-steel producers cut production, to where we will see a large deficit as demand is strong," Adam Rowley of Macquarie Bank said.
"We are going to see a large deficit of around 16,000 tonnes this year," he said. Aluminium was down $43 at $2,460 and zinc fell $120 at $2,860. "Zinc didn't see much volume today. It started to fall the natural buyers all stood to on side and let it fall," a second dealer said.
Lead was unchanged at $960 and tin was down $50 at $7,825.