Reuters commentary (April 1st)

LME: The London Metal Exchange (LME) base metal fell sharply in late Friday. The United States announced that the non-agricultural employment data was weak, and investors settled the position. In March, the United States only increased the employed population by 110,000, which is eight months or more. The small increase is less than half of the estimated 220,000 Wall Street analysts. The base metal market is in a downturn. After some metals rose on Thursday, investors are reluctant to follow suit. "The non-agricultural employment data is very bad this time. ... Given that today is the day before the new moon and Friday, no one intended to buy it, so the price fell. "A trader said that the copper price fell due to profit taking, the previous date was bought by the fund. The weaker dollar and boosted the dollar, hitting a record high of $3,308. One analyst said: "There is no doubt that the metal's fundamentals remain tight, which could easily lead the price further higher, but if the dollar recovers, the metal It will be easy to re-emerge technical pressure, which may lead to a double top pattern for copper. "The three-month copper overnight market closed down $58 or 1.76% to $3,232 per ton. Spot / three-month copper reversed the spread yesterday." The US$163 has shrunk to 147/149. Morgan Stanley said on Friday that Less will maintain supply shortage in the next 12 months, and the inventory consumption ratio is at a very low level, although this is still largely dependent on China's demand. The three-month lead once fell by nearly 4%. To 951 US dollars per ton, compared with the final income of 35 US dollars, reported 935. Analysts said that lead is mainly used for the production of automotive batteries, the trend in 2005 will be very good. Three-month aluminum fell by more than 2% or 45 US dollars to 1,928 US dollars , fell below the technical level of $1,950. COMEX: Copper futures exchange (COMEX) of the New York Mercantile Exchange closed lower on Friday although it closed lower. As local and London market investors took advantage of the dollar’s ​​strength, the deal was profitable. Traders said that this wave of decline will not last long. A trader said that the fall in copper was only due to investors taking profits after a five-day rally. May copper closed down 1.80 cents to 1.4845 US dollars per pound. The trading range was 1.4710-1.5050. The spot April contract closed down to approximately US$1.4925. The COMEX copper volume was estimated at 24,000, compared with 25,014 on Thursday.