Reuters commentary (9-6) LME market: The London Metal Exchange (LME) base metals remained sluggish in open outcry trading on Monday afternoon. Traders said that due to the coincidence of the Labor Day holiday in the United States, buying interest was extremely low. The closing date was mixed, but some losses were recovered last Friday. One trader said: "As the United States is closed, the performance of the venue is flat today." He added: "There was a small amount of short-covering on the floor. Underwriting to buy low." The market is expected to move sideways in the short term, but analysts pointed out that copper and aluminum futures are still well supported by their respective fundamentals, despite poor performance on technical charts. Traders said many people It is believed that the futures price will rise in the coming months as the pace of stock additions has accelerated after the summer downturn. The three-month nickel plate hit a 12-week low of 12,050 US dollars per tonne, but then rebounded. , to close at 12,225 US dollars, up 25 US dollars. Analysts said that from the chart point of view, technical indicators still point to the period of nickel may test the support level at a certain time 11,800, need to close above 12,800, in order to ease the initial pressure. Analysis of GFMS Metals Consulting The division said in the report that the future The annual nickel production will continue to strive to meet the demand. After 2006, the supply outlook will become more uncertain. GFMS expects the average nickel price for this year to be 13,300 US dollars, which is expected to be higher in the current cycle. Earlier this year. Nickel had touched a 15-year high of 17,720. For other metals, three-month lead rose 13 US dollars to 853. For three-month zinc, it was unchanged at 962 US dollars. Three-month tin fell 115 dollars to 8,710 yuan. • LME copper: Three-month copper rose moderately, with composite trading closing at $2,723 a tonne, up from 2,702 last Friday's close. LME aluminium: Three-month aluminum almost unchanged after rising at the beginning of the session, closing 7 higher. USD, reported 1,661. COMEX Copper: Closing Date: 2004-9-7
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