NEW YORK (TheStreet) -- Base metals were trading lower Tuesday amid the rising dollar index. With the U.S. markets closed Monday and no economic data releases scheduled Tuesday, base metals are likely to trade to the downside.
Copper
For the first time in five days, copper for three-month delivery declined, weighed down by Chinese consumer purchases. Copper edged lower Tuesday by 1% to $7,630 a metric tonne. LME copper inventories narrowed 800 tonnes to 396,875 tonnes. The metal finds support and resistance at $7,605 and $7,747, respectively.
Southern Copper(SCCO), which closed at $32.19 on Friday, has support at $31.88 and resistance at $32.43. Freeport-McMoRan Copper & Gold(FCX) closed at $78.55 with support and resistance at $77.91 and $79.08, respectively. Teck Resources(TCK) closed at $38.20 with support at $37.38 and resistance at $38.69.
Aluminum
Aluminum for three-month delivery dropped 0.2% to $2,188 per tonne on Tuesday. LME stockpiles shed 5,175 tonnes to close at 4.42 million tonnes. The metal finds support at $2,171 and faces resistance at 2,221.
Alcoa(AA) closed Friday at $10.88. it finds support and resistance at $10.78 and $11.03, respectively. Century Aluminum(CENX) closed at $10.93 with support at $10.77 and resistance at $11.16. Kaiser Aluminum(KALU) closed at $39.46 finding support at $39.12 and resistance at $39.85.
Nickel
Nickel for three-month delivery shed 1.6% to $21,805 per tonne on the LME. Nickel inventories on the exchange fell by 468 tonnes to close at 119,886 tonnes. The metal finds support and resistance at $21,680 and $22,310, respectively.
Zinc
Zinc for delivery within three months edged down 0.9% to $2,177 per tonne on the LME. The drawdown in stockpiles was 475 tonnes to close at 621,675 tonnes. The metal finds support at $2,170 and resistance at $2,217.
Lead
Lead dipped 0.4% to $2,187 per tonne on the LME. Inventories were down 400 tonnes to close at 191,000 tonnes Friday. The metal finds support at $2,180 and faces resistance at $2,220.
