The base metals were all luxuriating in positive territory on Thursday. Copper pushed steadily higher from the early pre-dawn hours straight through the day, finishing just off its intraday highs at $2.129/lb., up 5 1/3 cents.

Nickel followed copper to a T, busting back over the $6 mark and closing right at its intraday high of $6.1182/lb., up more than 20 cents. Zinc had some ups and downs but managed to slough off its early weakness and end at $0.6581/lb., up more than a penny. Aluminum was modestly higher, adding just under a half-cent, to $0.624/lb., while lead completed a strong day, tacking on over a penny and three-quarters, to $0.6687/lb.

Copper led the industrials higher, as traders grasped at the latest positive straw, the durable goods report, as evidence that the economy is brightening.

“The report this morning was pretty good for the economic outlook,” said Michael K. Smith, of

The base metals were all gushing red on Thursday. Copper was in the green until New York opened, then down it went, falling especially steeply in late morning, and barely coming off its intraday lows to finish at $1.9542/lb., down nearly 6 cents.

Nickel started down earlier, but was off as sharply, closing at its intraday low of $4.9872/lb., down almost 16 cents. Zinc followed a similar path, shedding 2 cents, to $0.6247/lb. Aluminum was modestly lower, ending at $0.6408/lb., down less than a half-cent, while lead fell to its intraday low of $0.6478/lb., down 2 cents.

Copper led the other industrial metals deep into the red, as the unemployment numbers out yesterday had traders questioning the possibility of economic resurgence anytime soon, and many decided to cash out recent gains.

“Copper’s price correction was exacerbated by earlier losses in equity markets and data showing a further deterioration in the labor and housing

Gold was flat until the noon hour on Wednesday, when it finally made a modest upmove and held in positive territory despite easing on the Globex to finish at $890.70/oz., up $7.40. Overnight, gold has inched higher.

Platinum made its big move just after Hong Kong closed, adding about $25, then leveled off and did little for the rest of the day, ending at $1169/oz., up $16. Overnight, platinum is sharply higher.

Silver had a strong day, rising from unchanged at the beginning of the New York session to a peak just short of $12.40 on the Comex, before sliding on the Globex to close at $12.32/oz., up 26 cents. Overnight, silver is trending higher. (Click here for charts)

There were no really major moves among the precious metals yesterday, but all posted decent gains against a backdrop of wildly volatile equities, declining oil prices, and a weakening dollar.

Analysts cited

The base metals were mixed on Wednesday. Copper started down in the pre-dawn hours and, except for a brief late morning bump up, declined through the day, finishing just off its intraday lows at $1.5196/lb., down 4¾ cents.

Nickel was sharply lower in the pre-dawn hours, rallied to the late morning, then eased again to close at $4.6705/lb., down more than 18 cents. Zinc also rallied off its pre-dawn lows, but held near break-even, up less than a tenth of a cent at $0.5158/lb. Aluminum had a modestly positive day, adding a third of a cent to $0.6179/lb., while lead’s ups and downs left it dead flat at $0.5172/lb.

Copper was off for the third straight day, as traders reacted to poor usage numbers out of China.

China’s imports of unwrought copper and semi-finished copper products plunged 19% to about 232,700 metric tons in January vs. December, the Beijing-based customs

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The base metals were mixed in listless trading on Monday. Copper was higher from the pre-dawn hours to mid-morning, but subsided back into the red from there, finishing at $1.4262/lb., down more than a half-cent.

Nickel climbed, and hung precariously in positive territory at $5.0175/lb., up less than 2 cents. Zinc traded mostly sideways, ending at $0.4924/lb., up just under a penny. Aluminum pushed higher and held its gains, closing at $0.607/lb., up a penny and a half, while lead sank to $0.501/lb., down three-quarters of a penny.

Copper failed to hold its early gains as the December decline in spending on construction projects dampened hopes for any kind of economic revival.

“The basic fundamentals and pressure of the economy are still negative, and there’s nothing that’s really going to drive this price higher,” said William O’Neill, a partner at Logic Advisors in Upper Saddle River, New Jersey.

With US construction spending falling

The base metals were all red-stained on Wednesday. Copper declined from the pre-dawn hours to the noon hour, but recovered a little ground late to finish at $1.4561/lb., down nearly 3 cents.

Nickel’s chart looked very similar, and it closed on a small upnote at $4.6954/lb., down more than 18 cents. Zinc had a weak day, ending at $0.557/lb., down a penny and a half. Aluminum was slowly lower, shedding a penny, to $0.6547/lb., while lead failed to get even a small late day bump, dropping to its intraday low of $0.5018/lb., down a penny and a quarter.

The industrial metals were down across the board, with copper leading the way lower after the weak retail sales numbers reinforced the notion that there isn’t anything bright in the metals’ future.

John Gross, publisher of the Copper Journal, sees the metal as rangebound at the moment, with key support in the benchmark March

The base metals were mostly in the red on Monday. Copper sank during the pre-dawn hours, but rallied through most of the New York session before slipping a little late in the day to finish at $1.4251/lb., down less than a quarter-cent.

Nickel pulled back a bit after last week’s charge, closing at $5.6283/lb., down 11 1/3 cents. Zinc was up and down, with a final late upthrust taking it to $0.5651/lb., up nearly a half-cent. Aluminum was off during the pre-dawn hours but rallied back the rest of the day to end at $0.6854/lb., down three-quarters of a cent, while lead regained most of its early lost ground, but still shed better than a half-cent, to $0.499/lb.

It was a desultory day for the industrial metals. Reuters summed up: “U.S. copper futures ended with marginal losses on Monday, after an overnight test of both ends of the trading range held,