Metal market strengthens<\/p>\n
SINGAPORE (Reuters): Sentiment in Southeast Asia's base metals
\nmarket improved after recent fund-buying in the West, but there
\nare no signs of an immediate business pick-up in the Far East,
\ntraders said yesterday.<\/p>\n
\"The change is in sentiment, but not fundamentals,\" said one
\nSingapore trader. \"I still don't see many deals.\"<\/p>\n
On the London Metal Exchange (LME), copper held above $1,740,
\ntouching a high of $1,761 a ton before slipping back to $1,751 at
\nTuesday's close, up $11 against Monday's kerb.<\/p>\n
Despite recent signs of a recovery in prices on the LME,
\ncopper premiums in the Far East were still weak, traders said.<\/p>\n
Copper premiums were seen in a wide range by the trade in
\nSingapore at between $35 and $45.<\/p>\n
On Wednesday, China's Coordination Committee of Non-Ferrous
\nMetals Industry said 15 small Chinese smelters had cut copper
\nproduction by 30,000 tons in the first half of 1998 and planned
\nto cut a further 40,000 in the second half of the year.<\/p>\n
China's six major copper producers had agreed earlier to cut
\noutput by 90,000 tonnes this year.<\/p>",
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