- Base metals eased back from their earlier highs, as the follow-though buying and bargain-hunting seen from Thursday's corrective bounce faded, slowing upward momentum. Prices remained steadier against a background of a higher euro and gains in equity markets but short-term sentiment is still soft despite a positive daily inventory report; the complex will be susceptible to further downswings. - Copper, which had probed above $7,300 per tonne earlier, settled back at $7,290, up $30 from the previous close. Warehouse stocks fell a net 525 tonnes to 408,550 tonnes but there was a 6.4-percent drop in cancelled warrants as well - the metal booked for removal. These now stand at 20,500 tonnes, the lowest since early June. Earlier there was a 7.1-percent jump in SHFE weekly inventories. - Aluminium traded at $2,164, against a previous $2,163.50. Stocks data showed a 1,850-tonne fall to 4,382,400 tonnes, while cancelled warrant trends were reversed today - tonnage rose to 194,475 tonnes from yesterday's 189,475 tonnes. But next week is likely to see some substantial warrantings - the tight August date becomes prompt on Monday. - Tin was trading at $20,610, up $110, with stocks falling a net 265 tonnes to 13,870 tonnes, a fresh low since May 27, 2009. But the fall reflected a 29.7-percent decline in cancelled warrants to 555 tonnes. Nearby tightness is developing in the market, with cash/threes indicated at $18/38 backwardation.

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