London, November 9: The London Metal Exchange (LME) base metal prices softened slightly in quiet markets on Wednesday, basically unaffected by the prospect of supply increase. The three-month copper contract closes basically unchanged from overnight, and the copper price is expected to be retained. Close to the middle of the fluctuation range.
Three-month copper closed at $3,951 a tonne in open outcry trading, down $5 from Tuesday's composite trading closing price.
Dealers said that the price of copper was not affected by the bad news of the end of the Asarco strike in the United States.
“The volume is very sparse here. The market is in range, but the copper price should be affected by the news of American copper producer Asarco and the rise of Chinese stocks,†a trader said.
Asarco and the union’s representatives signed a provisional agreement on Tuesday night. The strikers may return to work before the end of next week. They started the strike in early July.
Asarco announced plans to use copper prices to record high levels to increase copper production. Prior to this, the company had just lowered its copper production forecast for 2005 to 150,000 tons, which was 70,000 tons less than the pre-strike estimate.
In addition, it has been confirmed that China will auction 20,000 tons of national reserve copper next week, which also puts pressure on the market.
However, although the supply of copper may increase, the reverse price difference between spot and three-month copper still rose by 18 US dollars to 188/190 per ton.
A trader said, "The market is stuck in a trading zone and there is no clear direction. However, for a continuously rising copper price, investors have tended to let it go."
LME other base metal futures prices follow copper prices. Aluminum prices rose following copper prices. The mid-session aluminum fell slightly from the 10-year high of $2,040 hit last week, but was still strongly supported by high energy prices and fund buying. Trailing from a midday low of $2008 to $2016, three-month aluminum closed at 2,016 The dollar was trading at 2,011 late last day.
Traders said that the next resistance for aluminum is at $2,025.
Three-month zinc fell by US$2 to 1,578 during the light period, dragging the eight-year high reached 1,592.50 earlier. The market set a record high of 1,675 in July 1997.
The three-month lead was boosted by the fund's buying price, which rose by 11 US dollars to 983. The pre-market trade rose to 992.50, which was higher in April.
The technical weakness caused the price of nickel to retrace to the 10-day moving average level of $11,900/ton in late trading. The three-month nickel was quoted at 11,850/900 U.S. dollars, which was lower than the 12,275 points late yesterday. The price of tin fell by 100 U.S. dollars to 6,200 U.S. dollars.
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