Reuters commentary (March 29)

The LME market, the London Metal Exchange (LME), metal prices fell from a high daily on Tuesday and closed mixed. Traders said copper and aluminum futures stopped before the recent resistance and trading was light after Easter. "Because Consumers and funds support lower prices, and profit-taking makers and producers use prices that are still relatively high, so metals may continue to consolidate,” said analyst William Adams of BaseMetals.com in a daily report. Before the end of the next quarter by the end of the next week, the market may still be under pressure to close out the fund, which also makes the market very cautious. "Last season is coming to an end, so many people are reluctant to take risks." A fund source said. Brokerage firm Macquarie Bank said that last week's decline in major base metals was the first sign of a correction in commodity prices. Cycle zinc fell 3.3%, aluminum fell 2.5%, copper fell 2.3%. As the dollar strengthened, the fund bought last week. The family settled on profits. "Most of the funds are in the hands of index funds, and we don't think they will put them out at the moment." The fund source said. Australian zinc manufacturer Zinifex Ltd. said that its Century mine equipment is The production was resumed after 11 days of shutdown. The three-month nickel fell by US$225 to US$15,525. The three-month tin fell by US$125 to US$8,050. LME Copper: 3-month copper rose to its target price of US$3,250 once. Less than 1 US dollar, but then fell back to close at 3,230, still higher than 3,197 at the close of last Thursday. Changes in inventory provided support for the overall firm trend of copper, LME copper stocks fell 525 tons to 44,600. Of which 9,500 tons, or 21 %, will be used for settlement and cannot flow into the market. Data released on the Shanghai Futures Exchange on Friday showed that as of the week of March 24th, its inventory decreased by 15,409 tons, or 42%, to 21,463. LME aluminum: aluminum futures rose 9 The US dollar, to 1,938, was boosted by news that LME aluminum inventories fell by 3,325 tons. In addition, preliminary data from the International Aluminum Association (IAI) show that at the end of February 2005, the overall aluminum inventories of manufacturers fell from 3.224 million tons in January to 3.176 million. t. Three-month zinc fell by US$12 to US$1,329, although its inventory fell by 1,050 tons. Three-month lead rose by US$4 to US$955. COMEX Copper – New York Mercantile Exchange (COMEX) copper Tuesday Higher, as funds are bought before the end of the previous quarter, and US consumers The decline in the confidence index put pressure on the US dollar. One trader said: "The market has better fund buying. The rebound of the euro and the purchase of funds will drive the market to rise." He said there is still room for improvement in the May contract. May. Copper futures closed 1.60 cents higher at 1.4705 US dollars per pound. Trading range was 1.4635-1.4780. Spot copper also rose 1.60 cents to 1.4765 US dollars per pound in March.