LME Market Report

LME Market Report --- Base metals mostly closed lower on profit-taking pressure, zinc futures shed more than seven-year highs. The London Metal Exchange (LME) base metal mostly closed lower on Monday. Traders said that copper futures are affected by China in overseas markets. Buying boosted the gains and lost momentum, but supply tensions temporarily prevented the copper from falling sharply. Copper fell below zinc during the follow-up period. It hit a seven-year, three-month high above $1,300. Copper rose by more than 1% to US$3,122.50 per tonne. However, it fell afterwards and closed at 3,072, down by US$10 from last Friday's closing price. Traders said that although US dollar weakened slightly on Monday, metals denominated in US Dollars have become more It's cheap, but the profit-taking in the market has weighed on metal futures prices. A trader said, “In the Asian market, buying dominated. However, at the opening of the London market, the metal is in a weak position due to lack of buying support. Unless Asia Can once again provoke strong popularity, otherwise the market may fear further weakness, because the optimistic sentiment in the European market is not obvious." Traders said investors are afraid to let go of action against the recent rally and this year The metal prices show a tendency to fluctuate. Adam, an analyst at Basemetals.com, said in the report, “As long as metal demand remains strong overall, the outlook for zinc is expected to be positive. However, China’s economic growth is slowing. Sales growth has fallen sharply, and the number of developed properties has also dropped by about 50% from the end of 2003 to the peak of early 2004." "The two industries of auto and real estate are big consumers of metals. Although these two industries are still growing, they have grown. The rate has dropped sharply, and this trend is likely to result in weaker-than-expected metal demand." Three-month zinc fell by $2 to 1,290, from a seven-year, three-month high of 1,305. Three-month aluminum closed at 1,838 last week. The five-month price was at $1,856. The three-month tin increased by $50 to 7,800. The three-month lead dropped by $9 to 930/930.50. The three-month nickel rose by $50 to 14,150.

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