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LME aluminum jump led the majority of base metals closed higher
The London Metal Exchange (LME) base metals futures closed higher on Wednesday (December 29), with aluminum jumping to a new high of nine and a half years, leading the uptrend. Traders said the details of the changes in China's import and export tariffs supported aluminum prices higher during the period. China will impose a 5% tariff on raw aluminum and aluminum alloy imports from January 1 next year, which may reduce the supply of aluminum in Western markets. Three-month aluminum closed at US$1,957 per ton for nine and a half years The new high closed at $1,917 last Friday. The change in aluminum stocks also supported aluminum, LME aluminum stocks fell by 1,550 tons, and the International Aluminum Association (IAI) reported that the inventory of aluminum manufacturers fell from 3.058 million tons to 3.032 million tons in November. The market said Wednesday that the market ignored the strengthening of the US dollar because the overall economic fundamentals still showed the long-term weakness of the US dollar. In early trading in New York, the euro weakened against the US dollar to 1.3587 U.S. dollars, which fell by about 0.5 cents from the earlier record high of 1.3646 U.S. dollars. LME copper rose sharply, catching up with US COMEX copper gains on Tuesday, but the gains stopped at around 3,120/3,130 U.S. dollars. Three-month copper closed at 3,125 U.S. dollars, up from 3,075 last Friday, and the target was at the October high of 3,175. Three months Zinc rose to 1,243 US dollars, reported 1,208 last Friday, is expected to once again challenge the recent high 1,245. Three-month lead rose 11 US dollars to 960 US dollars. Three-month nickel rose from 14,700 US dollars to 15,205, LME nickel stocks today The decrease was 234 tons, but the three-month tin fell from 7,875 to 7,750, which is expected to stabilize after being sold by the market last week.