London Metal Exchange metal prices Thursday drifted lower as a result of thin trading rather than any fundamental factor, traders said.

Copper finished the late kerb in London down $120 on previous late kerb at $7,920 a metric ton after trading within a $7,900-$7,960/ton range throughout the session. Prices rallied $50 to $7,950/ton in post-kerb trading.

Aluminium prices rallied to $2,630/ton in early morning trading before a breach of support at $2,600/ton triggered a move back to an intraday low of $2,570/ton. Prices finished the late kerb at $2,600/ton, down $74 from the previous PM kerb.

The only metal to buck the downtrend was nickel, which continued its bullish run of recent weeks, finishing the late kerb up $550 at $25,250/ton but still shy of Wednesday's record high of $26,575/ton. Prices remain underpinned by stock declines, including a further 570-ton drawdown in stocks and a 288-ton rise in cancelled warrants.

Nickel prices "held well" considering the price collapse that followed LCH Clearnet's decision Wednesday to raise nickel margins as of the July 20, a trader said.

Zinc rebounded well from an earlier dip below $3,400/ton, finishing kerb down $85 on the previous kerb at $3,415/ton.

3 months metal (prices in dollars a ton)
Bid – Ask, Change from Wednesday PM kerb

Copper 7920.00-7921.00, Dn 120.00
Lead 1128.00-1130.00, Dn 17.00
Zinc 3415.00-3420.00, Dn 85.00
Aluminium 2600.00-2605.00, Dn 74.00
Nickel 25250.00-25300.00, Up 550.00
Tin 8650.00-8700.00, Dn 200.00