Metals

Metals - Base metals mkts quiet on Chinese, US holiday; lead hits all time highLONDON (AFX) - Base metals markets were quiet because of the Lunar New Year holiday in China and the Presidents Day holiday in the US, although most metals remained steady, underpinned by supply side issues.Lead hit an all time high of 1,810 usd a tonne earlier, on speculation Xstrata is shopping around for material for its customers, after declaring force majeur on exports from its Mount Isa smelter in Australia two weeks ago.At 12.14 am, LME lead for three month delivery was up at 1,806 usd a tonne against 1,785 usd at the close Friday.Copper was steady amid a fall of 2,725 tonnes in LME inventories and continued expectations the Chinese will return to the market after the week long Chinese New Year break."We are very positive on copper because of recovering Chinese demand. News during Copper Club Week in New York last week was very encouraging on this matter," said UBS Investment Bank analyst Robin Bhar.Data out last week showed Chinese imports of refined copper and copper alloy rose to 147,650 tonnes in January -- a 70 pct increase over year-earlier levels."Chinese import statistics indicate a strong pick up in Chinese copper imports implying re-stocking is taking place following a year where the Chinese have been running down their inventories," said Numis analyst John Meyer.Copper was flat at 5,810 usd a tonne.Aluminium edged down, under pressure from a resumption of bauxite exports from Guinea. Bauxite is used in the production of alumina -- the raw material used to make aluminium.Aluminium was at 2,790 usd a tonne against 2,795 usd at the close Friday.Tin edged up, still finding support from disrupted exports from Indonesia. Last week, Indonesian authorities shut down most of PT koba Tin's operations, sending tin top with an all time high of 13,300 usd a tonne on Friday.Tin was up at 13,250 usd a tonne against 13,145 usd at the close Friday.In other metals, nickel was down at 38,875 usd a tonne against 38,900 usd at the close Friday, while zinc was up at 3,402 usd a tonne against 3,380 usd at the close Friday.