Base metals slid on Friday as they became victims of investment funds flow and a rallying dollar. Even the data showing that the U. S. economy lost a fewer-than-expected 345,000 jobs in May could not give support to this complex.

Aluminium was the only metal which bucked the trend in this complex, gaining some points on LME and MCX.

On the London Metal Exchange, benchmark copper closed at $4,990 a tonne from $5,025 at the close on Thursday. The metal used in power and construction hit a 7-1/2 month high of $5,145 on Tuesday.

Copper received some support on Friday from inventory draws. LME warehouses stocks fell 3,225 tonnes to 299,975 tonnes, the lowest since December, though that was offset to an extent by a rise in Shanghai.

It seems that base metals are consolidating for the last three days. We have seen them trading in narrow range except aluminum which bucked the trend and moved up sharply. We don’t recommend aggressive buying. Buying at dips is recommended as stronger dollar may result in further profit taking in metals. Aluminum prices are expected to edge higher during the day.