NEW YORK (TheStreet) -- Base metals opened in negative territory Friday, and based on lower-than-expected gross domestic product and personal consumption figures, they may continue to trade lower during the remaining part of the day.In addition, weak equities and the expiry of July contract could push prices to the lower band. Moreover, inventories across all the counters have experienced an increase indicating further pressure on prices. Economic data releases lined up for the day include U.S. GDP for the second quarter, which is expected to come in at 2.5% as compared to the earlier quarter's 2.7%. Personal consumption for the same period is estimated at 2.4% against the earlier 3%. In addition, the U.S. Chicago Purchasing Manager's Index for July is foreseen at 56, below 59.1 recorded in June. Copper Copper for delivery within three months declined 0.6% to $7,187 on the London Metal Exchange. Copper inventories maintained by LME increased marginally to close at 411,525 tonnes Thursday from 411,425 tonnes Wednesday. Copper faces support at $7,165 and resistance at $7,227. Brazilian mining giant Vale ( VALE) has offered to buy copper refiner and processor Paranapanema for $1.1 billion as it seeks to acquire a 34% share of the Brazilian refined copper products market. Vale plans to issue a public tender for almost 100% of the metal's holding company. Recently, the company installed copper production capacity of about 300,000 metric tonnes per year at one of its Brazilian mines. Major copper producers are trading close to resistance levels. Southern Copper ( SCCO), which closed at $31.19 in the previous trading session, has support at $30.67, while resistance lies at $32.10 after which it is seen crossing $33. Meanwhile, Freeport-McMoRan Copper & Gold ( FCX) closed at $70.74 with support and resistance at $69.68 and $72.15, respectively. Teck Resources ( TCK) closed at $34.75 with support at $33.98 and resistance at $35.43. Aluminum Aluminum for delivery within three months rose 0.3% to $2,100 per ton on the LME. Inventories for the metal at the LME declined 4,500 tonnes to 4.39 million tonnes Thursday. Aluminum finds support and resistance at $2,083 and $2,091, respectively.
According to Reuters, a consortium of Japanese investors, led by Nippon Asahan Aluminum are keen to invest $367 million toward expansion of an aluminum smelter in Indonesia. The 30-year ownership contract of the smelter expires in 2013. Alcoa ( AA) closed trading at $11.02, near its resistance level of $11.19 after which is technically seen crossing $10.86. Alcoa finds support at $10.86. Century Aluminum ( CENX) closed at $9.81 with support and resistance at $9.56 and $9.98, respectively. Kaiser Aluminum ( KALU) closed at $40.49 with support at $39.82 and resistance at $41.77. Nickel Nickel for delivery within three months fell 0.5% to $20,570 per ton on the LME. Nickel inventories maintained by LME were up 0.4% to settle at 116,778 tonnes Thursday. Nickel finds support at $20,393, while resistance lies at $20,793. Zinc Zinc for delivery within three months decreased 1% to $1,970 per ton on the LME. Zinc stockpiles showed no movement and thus closed at the same level as yesterday at 619,725 tonnes. Support level for the metal faces is at $1,956 and resistance at $1,979. Lead Lead shed 1% to $2,029 per ton on the LME. At the end of Thursday's trading, lead inventories increased 0.3% to 183,825 tonnes. Lead finds support at $2,017 and resistance at $2,030.