* Growing supply weighs on market sentiment
* Tin trade picks up on Indonesia ICDX exchange
* Euro zone economy stagnant in 3rd quarter
By Silvia Antonioli
LONDON, Nov 14 Copper ended little changed on
Thursday, near a three-month low, pressured by uncertainty over
the timing of a scale-back in U.S. monetary stimulus, growing
supply and poor economic data from Europe.
Benchmark copper on the London Metal Exchange closed
at $6,992 a tonne, up marginally from $6,980 on Wednesday, after
hitting an intra-day low of $6,940, its lowest since Aug. 7.
"There have been a lot of Fed comments in the past few weeks
that seem to suggest that tapering this year is not completely
off the agenda, and there is also supply building in copper,"
Robin Bhar, an analyst at Societe Generale, said.
"Underlying fundamentals are certainly turning more negative
for copper. I think the shorts are in the driving seat."
Data showing the euro zone economy stagnated in the third
quarter also dimmed demand prospects for the industrial metal
used in construction and wiring.
"Copper was already under pressure when it broke below a
very important technical level. People began short-selling below
$7,100. The weaker European data also weighed on sentiment," VTB
Capital analyst Andrey Kryuchenkov said.
The supply of copper is expected to outstrip demand in the
next few years.
In one recent development, for example, Rio Tinto
is set to submit a mine plan to U.S. authorities this
week for its $6 billion Resolution project in Arizona, which
could become the largest copper producer in North America.
Benchmark tin closed at $23,000 from $22,825 on
New regulations in top tin exporter Indonesia, which force
local producers to trade on a domestic exchange before
exporting, have curtailed availability of the metal.
"Supply has definitely tightened up, even for low-purity
tin, in the past month. A lot of people are looking for
alternative sources of supply," a physical trader in Singapore
Stocks of tin in LME-registered warehouses have
dropped to their lowest in about a year.
Trading volumes of Indonesia's tin contracts
have picked up in the past two
days, although they remain at low levels of around 140 lots,
equivalent to 700 tonnes that will be available for export.
Benchmark LME aluminium ended at $1,791 from $1,795
on Wednesday, while lead was at $2,095.50 from $2,098
and zinc at $1,886 from $1,886. Nickel, untraded
at the close, was bid at $13,650 from $13,675.
Three month LME copper
Most active ShFE copper
Three month LME aluminium
Most active ShFE aluminium
Three month LME zinc
Most active ShFE zinc
Three month LME lead
Most active ShFE lead
Three month LME nickel
Three month LME tin