LME REVIEW

LME Review: Prices End Up As Stocks Fall; Doubts On Tin Supply
LONDON (Dow Jones)--Industrial metals traded in London ended the week higher Friday as stockpiles shrunk and concerns mounted over the supply of tin from key providers, though traders predict light volumes through next week as the price outlook remains clouded.
London Metal Exchange base metals prices climbed alongside rising oil and precious metals prices Friday: "What we have seen is a general move higher across the board in commodities," London-based metals analyst Nick Moore of ABN Amro said.
Three-month copper and lead prices finished near their highs for the week, triggered by a drawdown in inventories Friday.
Copper inventories dropped by 100 metric tons to 215,625 tons while lead stocks declined by 1,000 tons to 36,625 tons.
"Copper's price climb set the tone for the entire complex" and the other base metals followed, Moore said.
Still, the strength was due to traders covering their short positions rather than the beginnings of a sustained rally, he added.
With the exception of aluminum, trading volumes have been light this week, another base metals analyst said: "Many market participants sidelined this week due to the recent volatility will wait until they get a better sense of market direction before jumping back into the market," the analyst said.
In other metals, three-month tin prices climbed nearly 2% in the afternoon kerb to $12,325/ton from Thursday boosted by a combination of strong consumption, declining stocks, and uncertainty over tin supplies.
Tin stocks fell 130 tons to 10,480 tons Friday, according to LME data.
A Glencore spokesperson told Dow Jones Newswires Friday that the company hadn't been contacted by the Bolivian government regarding apparent re-nationalization plans.
Bolivian President Evo Morales said Thursday he would nationalize a mineral processing plant owned by the Swiss miner and trading house, a first step in his plans to give the Bolivian state a larger share of the country's mineral wealth.
Thursday's announcement marks a dramatic move in Morales' plans to nationalize Bolivia's mining industry though how the process will unfold is unclear.
Similarly, uncertainty plagues the future of Indonesia's tin mining operations after a recent shutdown of private mining and smelting operations on Bangka island, where the country's largest tin reserve is located.
The South Asian country produces around a third of the 360,000 tons of global annual tin output.
Elsewhere, a European Union proposal to halve the aluminum import duty was blocked from progressing to the next stage Friday. No concrete plans have been made regarding the future of the proposal.
Spot gold neared a seven-month high Friday while silver hit a two-month high. (Prices in dollar a metric ton)
3 Months Metal Bid-Ask Change from
Thursday PM kerb
Copper 5580.0-5585.0 Up 165
Lead 1610.0-1620.0 Up 36
Zinc 3120.0-3130.0 Up 5
Aluminum 2699.0-2700.0 Up 11
Nickel 36100.0-36150.0 Up 650
Tin 12325.0-12330.0 Up 175
Aluminum Alloy 2200.0-2210.0 Up 10
Aluminum Alloy 2130.0-2140.0 Up 30