LME Market Report --- Base metals mostly closed higher, which is expected to continue to rise under the fund purchases. The London Metal Exchange (LME) base metals mostly closed higher on Friday, due to the weaker gross domestic product (GDP) announced by the United States. The dollar is under pressure. Standard bank analyst Bhar said, “The weaker dollar has made the underlying metals relatively well and seems to have pulled away from the recent lows.†He expects the base metals to perform well in August. He said, "If oil prices continue to climb, commodities may be used to hedge inflation risks." "Copper is the key. There is a double top at the level of $2,860. If it rises above this level, it will give the market a fairly high signal." Three-month copper closed at 2,816 US dollars per tonne, higher than 2,786 on Thursday; the spot/three-month futures price gap was 100 US dollars. Three-month lead fell from 890 to 881. Market sources said that rumors of rising inventories may be the cause of poor lead performance. It is said that there will be a large amount of lead delivery in European warehouses within one month. Calyon analyst Ahmed said, "I suspect there are 30,000 tons missing in the statistics. Looking at China's statistics, the output increased by nearly 11%, which is not reflected." Friday LME lead stocks were 37,175 tons, in mid-2002. At that time it reached a height of nearly 200,000 tons. Dealers said the spot/day reverse price spread was $8 and the spot/three-month reverse price spread was $85.5/90.5. Three-month aluminum closed up 7 U.S. dollars to 1,696 yuan per tonne. Dealers said that the spread may be distorted, and the spot/three-month positive price difference of $4.50/2.50 may turn into a reverse spread. Three-month nickel fell by US$200 to 13,650 per ton. Traders said, "The market liquidity is very poor. Most of our customers are on vacation and there are only US investors and speculators on the floor." Three-month zinc rose 8 US dollars to 1,042 yuan per tonne; three-month tin has no transaction Achieved, quoted at 8,800/850 US dollars per ton, late Thursday comprehensive trading closed at 8,850. Source: Shanghai Metals
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