LME Market Report - Base Metals Close, Dragged Down by Funds

LME Market Report --- Base metals closed lower, and the sell-off by the fund dragged down the London Metal Exchange (LME) base metal on Tuesday. It ended the day with negative sentiment over the air and prompted the fund to liquidate. A trader said, “The market is really starting to sell. I think the market has been lacking direction for a long time. Once the copper shows some signs of weakness, everyone has fallen into the market.” Three-month zinc closed at 968 US dollars per ton. It was lower since the beginning of December 2003 and was reported as 1,020 on Monday. Three-month lead closed at 783 US dollars, down 5.43%. Three-month copper fell 2.76% to $2,550.50. Three-month aluminum fell from $1,714 to $1,693. The three-month tin closed at $75 lower at $8,500. Three-month nickel closed at $14,625 and last Friday it hit a four-month high of 15,300. The spot/three-month inverse price gap narrowed to $300/400 on Monday, but it was still well above the $100/165 early last week.

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