The base metals were little changed on Wednesday. Copper held up well through mid-morning, but declined when it counted, slipping to near its pre-dawn intraday low and finishing at $1.4922/lb., down a penny.

Nickel also experienced a late-day letdown, but not enough to bleed red as it closed at $5.214/lb., up 2 1/3 cents. Zinc had a modestly positive day, ending at $0.5244/lb., up three-quarters of a cent. Aluminum was steadily higher through most of the day, adding more than a penny to $0.6228/lb., while lead also edged higher, tacking on a penny at $0.5305/lb.

Copper was only a little bit off its highs on Wednesday, as reports of increased Chinese buying and general optimism kept the metal buoyed for a second straight day.

The metal responded positively to reports that China has started buying copper from domestic bonded warehouses and overseas markets, in a move expected to triple its state reserves to