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Reuters Review (1-3)
LME Market: December 31 -- The London Metal Exchange (LME) base metal generally held steady at near-year highs on Friday, creating an atmosphere for further strength in 2005. One trader said, "Markets Stable at high levels because maintaining high prices is in line with the interests of specific group-funds. "Investment funds are the main force driving the market's 2004 gains, "whitewash report" buying aimed at protecting year-end valuations, and new entry funds constraining Any drop in the market. At the same time, there is almost no trading disk to participate in the transaction, this pattern may extend to the second week of January, because the number of days of the next week is also reduced due to holidays. The metal market in New York today is closed. The three-month period is maintained. Breaking above the $1,000 level on Thursday and setting a new contract high of $1,019, this is a relatively high level since the market price was converted from pounds to US dollars in 1992. From a fundamental perspective, the ever-declining inventory and sustained tight price spread relations are at a The lead market provided support. LME lead inventories were reduced by 300 tons today. In the in-the-cycle trade, the spot/three-month reverse price spread widened to US$40. The main end-use of lead is for automotive batteries, which accounts for 75 percent of global lead consumption. %, analysts said Lead was optimistic in 2005. China’s rapid industrialization and increase in autos will boost local cell manufacturing, while the cold temperatures in the northern hemisphere will lead to an increase in demand for batteries in the previous quarter. The three-month lead settlement price fell slightly, at a 1,010 US dollars, but still higher than Thursday's composite trading closing price of 1,005. Three-month zinc remains at a seven-year high of around 1,260 U.S. dollars, and today's inventories decreased by 1,900 tons to 629,425 tons, which was a low since September 2002. Zinc closed at 1,257 U.S. dollars and closed at 1,260 the previous day. LME Copper: Three-month copper broke through 3,150 U.S. dollars, intraday trading closed at 3,154 U.S. dollars, and rose 16.50 U.S. dollars, and it looks at the 16-year high of 3,175. Continue to decline, reducing 500 tons to 48,875 tons. The last time I saw this inventory level was in July 1990. LME aluminum: three-month aluminum fell to 1,962 dollars, the previous trading day reported 1,965 dollars, but the distance from nine and a half years The new high 1,972 phase is not far. Three-month tin rose 50 US dollars to 7,775, three-month nickel reported 15,195, Thursday reported 15,225. COMEX copper: January 3, 2005 --- New York Mercantile Exchange (COMEX) Copper prices closed near the contract high on Monday, traders said the fund savings Buying needs to help the market maintain gains to a later level. Some traders believe that today's gains are due to the fact that the fund returned to the copper market after a few weeks. Some funds closed their accounts at the end of the year in mid-December. The March contract closed. The high of 2.10 cents to 1.4735 US dollars per pound, after hitting a contract high of 1.4775, the daily low was 1.4390. The spot January contract rose 3.65 cents to 1.5235 US dollars per pound, as far as the rest of the contract in December 2005 to create more The contract reached a new high, ranging from 1.60-2.45 cents. The estimated final volume was 12,000, which was more than twice the 5,098 that was on Thursday.