LME Market Report --- The basic metals mostly closed higher and traded intraday volatility. The London Metal Exchange (LME) base metal traded in a wide range on Thursday afternoon trading, and was affected by technical selling and short covering. Most of the metals were supported by late-coverage buying, and lead needed to fall sharply to correct the previous gains, which means it will not be able to break the previous highs. A trader said, "There is not much trading today. Mid-afternoon investors went short and later they had to make up for it because of buying interventions." Similar process happened on Friday. Relatively low transaction volume caused large fluctuations in futures prices. . Traders said, "Tomorrow is Friday and it is the later day of the month. It is expected that the price volatility will be quite fierce, especially when it closes." Three-month copper probed for 2,800 US dollars on several occasions, but they could not overcome the price. The standard ended at $2,786 and still rose by $51. Analysts said that copper must break through the double top near 2,860/65, which was hit on July 19 and June 2, respectively, to rise further. Copper hit an eight-year, half-year high of $3,055 in early March. Copper prices have been stimulated by the decline in inventory to 14-year lows. Copper stocks fell below the 90,000-ton mark on the day before, and LME stocks fell again by 325 tons to 89,175 today. Three-month lead fell below the high of 925 U.S. dollars on the previous trading day and was revised lower today, closing down 20 U.S. dollars to 890 points. Another trader said, "The lead should be revised down - technical graphics show a severe overbought, but I think the market will not be a lot short." Spot / three months reverse price difference also weakened to close at 96.50/101.50 US dollars Nearby, it hit a record high of around $105 on Wednesday. Three-month aluminum closed at 1,688, the previous daily reported 1,683. If it falls back to gain support, it is expected that the market will test 1,695-1,700 US dollars. The three-month zinc movement was firm, closing at 28 to 1,034. After the increase of over 1,020 in this period, it was boosted by the buying of commodity trading advisory (CTA) technology. Nickel increased by US$150 to 13,850; Tin increased by US$150 to 8,850.
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