BNP Paribas: LME Base Metals Bounce During Latter Part Of Week

The base-metals complex overall was on the defensive this week, although prices bounced on Friday. The market fell with others, including equities, for much of a week dominated by headlines out of financially troubled Cyprus, says BNP Paribas. Copper was especially hard hit, at one point sliding 3.4% in two days to a seven-month low. However, volatility declined in the base complex, BNP says. "The last 2-3 days have seen a partial recovery on the back of firm Chinese and U.S. data and an easing of the USD rally, but as we go to press, the Cyprus crisis has not been resolved," BNP Paribas says. The firm describes nickel as the most resilient base metal this week and tin as the worst performer. The entire complex rose Friday, with three-months copper up $85.25 to $7,667.75 a metric ton and aluminum up $18.50 to $1,946.50 as of 1 p.m. EDT.