re:xjo futures dn news:copper weak. XJO under 5100 with spread...

re:xjo futures dn news:copper weak. XJO under 5100 with spread bettors. This news:

LONDON, May 19 (Reuters) - Copper prices on the London Metal
Exchange (LME) were lower in quiet trade on Friday, with the
market edgy as the weekend approached, dealer said.
"Markets are a bit softer, but it is Friday and we might see
some fun and games later on as investors are reluctant to hold
big positions during the weekend," an LME trader said.
By 0924 GMT three months LME copper was at
$7,990/8,030 a tonne, from $8,090 at Thursday's kerb close.
"We see some consolidation on the market as copper trades in
ranges between $8,200-7,750, it is waiting for the next move,"
analyst William Adams at BaseMetals.com said.
Prices dipped to $7,700 on Monday from their all-time high
of $8,800 last week and were seen trading in wide ranges.
"These are nervous markets and people cannot afford to take
on big positions, that is why turnover is reduced considerably
and, in turn, this fuels further fluctuations," the trader said.
Copper stocks fell by 1,325 tonnes to 106,825 and falling
inventories offered support.
"...metals markets still have all the ingredients for
another push upwards in the very short term," analyst Maqsood
Ahmed at Calyon said in a report.
However, Ahmed pointed to dark clouds in the horizon as
inflationary pressures were not going away and said the critical
U.S. housing market was loosing momentum.
On the supply side, labour contract negotiations begin in
May at many of the larger mining companies.
Unionised workers at Inco Ltd.'s nickel operations in
Sudbury, Ontario, voted in favour of giving their union a
mandate to strike should they reject a new labour contract offer
from the company.[ID:nWEN8025]
Nickel was down $750 at $20,700/20,900.
On Wednesday an overwhelming majority of United Steelworkers
(USW) union members at 15 Alcoa Inc. plants voted to
authorise strikes if negotiations on a new labour contract fail,
the union said.[ID:nN17271275]
Aluminium was at $2,810/2,820, down from $2,870.
The market will be watching news on Falconbridge Ltd.
, which is the takeover target of Inco Ltd. and
Xstrata Plc . In an unexpected announcement on Thursday,
Falconbridge reported a 194 percent increase in profits for the
month of April, earning $238 million, compared with a profit of
$81 million in April 2005.[ID:nN18308134]
Tin was indicated at $8,700/8,800, $100 lower, and
lead wass off $15 at $1,195/1,205.