Domestic markets were, however, reflecting overseas trends to a minimal extent. Nickel ended the first of the trading week at $4,830 per tonne after hitting the resistance on the way to $5,000. Volumes were thin. Lead gained around $9 at $506 per tonne while copper was at $1,489, still up by $14 but away from pre-market peak. Zinc was up at $1,042 and headed for $1,050 per tonne while aluminium was up by $3 to touch $1,238. The scene changed in a whiff as lead broke away from the rest to move into contango from $5/15 backwardation.

Reports showed that LME was gripped by minor crisis as it allowed deferral of short positions to February 17 as one major player with significant share refused to lend at cash rate. Nickel shed some gains even the Norilsk's move to trim production came as norelief. Copper was little off-colour but held on to $1,508 as was seen pressurising the $1,535 levels. Other metals were quite or steady.

Domestic markets showed a steady trend during the week. Copper wirebars and heavy scraps went up marginally to Rs 11,200 and Rs 10,050 per quintal while zinc slabs gained another Rs 100 to touch Rs 6,950 per quintal. Nickel was reflecting overseas trend and rose sharply by Rs 600 to Rs 27,100 per quintal. Towards the week-end, heavy profit taking was pressurising metals as nickel lost $130 to touch $4,600 per tonne. Speculative shortselling was rampant as minor technical correction was overdue.

Aluminium and copper were also on a slow track with the former slipping to a bearish grip while copper witnessing a dive from its $1,500 levels.

Every other metal was subject to fund activity or adjusted buying patterns. Local markets reflected the same trend in a rare show of solidarity. Copper lost Rs 50-60 per quintal while other metals remained calm. Most of the metals hadstaged a recovery in the previous week. While LME was full of surpries, domestic metals markets were steady. Three months copper was firmly ruling in the $1,460-85 range while nickel was going from strength to strength in the range of $4,700-10. Aluminium, which was in high supplies, too was rising at around $1,218 per tonne. Zinc was inspired by copper to hover around $1,010-30 per tonne range. Analysts predict no major changes in prices till the budget. Copper's now famous collaps to its recent 11 and half year lows amid heavy seeling in late December is still fresh in the memory of many.