MCR 1.82% $1.08 mincor resources nl

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    "With the nickel market expected to be near balance this year and inventories slow, nickel prices are still well-supported....."

    DJ BASE METALS: Close Almost Unchanged; Choppiness To Continue
    Tue, Jul 3 2007, 17:32 GMT

    Base metals on the London Metal Exchange chopped, changedand finished back near where they started on Tuesday as market players squaredup before the U.S. Independence Day holiday on Wednesday.

    LME copper failed to recover from profit taking in London after the metaltouched a seven-week high overnight, and its negative tone brought the othermetals lower.

    LME zinc handed back around $75/metric ton from its intraday high asinvestors logged profits after the metal finished limit up on the ShanghaiFutures Exchange overnight.

    Despite inching up $6 to a fresh record of $2,790/ton early in the day, leadfutures also couldn't maintain gains.

    Analysts and traders said price movements would be choppier Wednesday butshould ease a little further into the week.

    Volumes aren't expected to return to average levels until next week, traderssaid.

    Elsewhere, LME tin prices didn't react to local reports concerning unrest byminers at Bolivia's largest tin mine.

    The miners have set up road blocks at a number of sites, effectively cuttingoff access to the west of the country, and have submitted a list of 12 demandsto the government, a local newspaper said.

    The workers for state-run Empresa Minera Huanuni are demanding greaterfinancial and administrative autonomy for the company, and modernization andexpansion of the mine complex.

    With the nickel market expected to be near balance this year and inventorieslow, nickel prices are still well-supported, Standard Charted said in a monthlyreport.

    The report notes that despite inventories at triple February levels, theystill cover only 2.3 days of demand.

    The bank has revised its forecast for the third quarter to $35,000/ton from$42,000/ton, falling to $34,000/ton for the fourth quarter.

    The bank's 2008 forecast remains at S35,000/ton.

    In other news, Alcan announced a multi-year agreement to supply aluminumplate to Eclipse Aviation, a light jet manufacturer.

    Alcoa (AA) said on Tuesday that it won a contract from the U.S. NationalAeronautics and Space Administration, or NASA, to develop the manufacturingcapability and supply of high-performance aluminum-lithium plate and ingot tobe used for the Ares 1 crew launch vehicle upper stage rocket.

    Prices in dollar a metric ton. 3 Months Metal Bid-Ask Change from Monday PM kerb Copper 7720.0-7725.0 Unch Lead 2770.0-2771.0 Unch Zinc 3430.0-3435.0 Dn 30 Aluminum 2746.0-2750.0 Dn 11 Nickel 36295.0-36300.0 Up 400 Tin 13825.0-13830.0 Dn 50 Aluminum Alloy 2200.0-2220.0 Unch Aluminum Alloy- 2200.0-2205.0 Dn 15 (NASAAC) -By Melanie Burton, Dow Jones Newswires; +44 (0)20 7842 9412;[email protected] -0

    (MORE TO FOLLOW) Dow Jones Newswires

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