Base metal prices mostly drifted down on the London Metal Exchange on Tuesday, but the market is well supported as it awaits the return of Chinese buyers after their Lunar New Year holiday.
"The Chinese are away from the market -- it is relatively quiet this week but the market will remain well supported at current levels," analyst Michael Widmer at Calyon said.
The Chinese holiday would leave markets subdued, Widmer said, but saw nothing to suggest any big drop in prices.
Three-months lead was at $1,760/1,770 a tonne by 1018 GMT from $1,780 on Monday, when it hit a new contract high of $1,815.
Read more at Reuters South Africa
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