Dec. 30 (Bloomberg) --Copper, trading little changed in London, may decline as investors sold the metal to lock in gains after it jumped to a record yesterday. Aluminum, zinc and lead dropped.
Three-month copper on the London Metal Exchange traded at $9,394.25 a metric ton by 10:07 a.m. Singapore time, after falling 0.2 percent earlier. It reached an all-time high of $9,447 a ton yesterday and is up 27 percent this year, poised for a second annual increase.
"Consolidation is healthy for the market given the exceptional run this year,” said Jiangsu Holly Futures Brokerage Co. analyst Lu Wei. "A bit of year-end profit-taking is to be expected but the uptrend hasn’t changed.”
Futures on the Comex in New York were little changed at $4.3105 a pound after reaching a record $4.3350 this week. The metal for March-delivery on the Shanghai Futures Exchange dropped as much as 1 percent to 68,840 yuan ($10,394) a ton.
Inventories in LME warehouses rose for the 11th straight session yesterday to the highest level in more than two months. Still, stockpiles are down 26 percent this year, on course for the first annual decline since 2004.
Aluminum in London fell 0.3 percent to $2,448 a ton, zinc decreased 0.6 percent to $2,385 a ton, and lead dropped 0.6 percent to $2,516 a ton. Nickel rose 0.2 percent to $23,900 a ton, while tin hadn’t traded.