Reuters, London, December 2nd - The London Metal Exchange (LME) base metals mostly closed higher on Friday as speculative buying of commodities continued to push up prices, but it broke away from the record high hit earlier.
"Who would be surprised at this? It's very important for the market to close every day. This move is expected to continue until next week," said Kemp, an analyst at Sempra Metals.
He also stated that "4,400 U.S. dollars will be the next goal, which is known to everyone. No one will move against the trend."
Three-month copper MCU3gt; closed at 4,384 US dollars per tonne, higher than Thursday's closing price of 4,368 US dollars.
In the past month, copper prices have risen by 13%, and today it once rose to a record high of US$4,425, as investment funds rushed to buy commodities to benefit from China’s rapid economic development and diversify its asset portfolio.
China's State Reserve Bureau said on Thursday that it will auction 20,000 tons of copper again on December 7 in order to lower the price of copper, but so far it seems to have achieved little.
The State Reserve Bureau has recently become a hot topic in the industry, saying that a trader representing his operations may have accumulated huge short positions in overseas markets.
Konan, a commodities fund MPC fund manager, told Reuters, "We are concerned about the progress of this situation."
"After the strong copper price rose, people believed that there would be a profit taking. However, the copper price is still high, and the price of other metals traded on the LME rose."
Three-month aluminum MAL3gt was quoted at $2,190, slightly lower than yesterday's late 2,197; three-month zinc lt; MZN3gt; rose $7 to 1,772.
Sources said that China's large-scale aluminum smelters have agreed to limit production to 10% below the planned level, which helped fuel the gains in aluminum prices yesterday.
However, China's larger aluminum group - China Aluminum said it does not intend to cut production.
Three-month nickel lt; MNI3gt; up 325 US dollars, reported 13,100; three-month lead lt; MPB3gt; since yesterday to close at 6,125.
Soaking Bathtub
Soaking Bathtub
Guangzhou Aijingsi Sanitary Products Co.,Ltd , https://www.hottubdesign.com