The London Metal Exchange (LME) base metals mostly closed higher in open outcry trade on Thursday (November 18), supported by fund buying triggered by earlier weakness in the US dollar and the prospects of buying and demand in China. Dealers said that “the fund favors copper futures, zinc futures and copper futures, and these metals are sensitive to the foreign exchange market.†The US dollar recovered from its earlier decline, at 1725 GMT, and the US dollar/euro was at 1.2942/46 US$. Today’s low at 1.3074. Late Wednesday in New York was 1.3032. The trader said, "Despite the dollar's rebound, I still believe that the US dollar is largely unilateral." The three-month copper late night composite transaction was lifted by short covering. At 3,080 US dollars per ton, higher than Wednesday's closing price of 3,025 US dollars, but out of the high point of 3,089.50 U.S. dollars, the fund also made multiple zinc and lead. LME three-month copper continued the previous day's gains and climbed closer to the next target at $3,100/t, up to $3,099.5/t. Analysts said that the recent copper price may again test a 15-year high of 3177.50 US dollars / ton. Three-month lead in LME hit a new high of US$992.50/tonne driven by fund buying, which is quite close to the resistance level of US$1,000/tonne. LME three-month zinc closed up 2.3% on the day. Analysts believe that due to the expansion of zinc supply and demand gap, zinc prices in 2005 will rise faster than other base metals. A trader said, “I feel that the investors who have been waiting for a replacement have begun to cover a little panic.†Chinese demand remains strong British analyst Bartlett Capital International analyst Sternby said in a daily report. Weakness in the U.S. dollar and strong U.S. industrial production data “are extremely strong drivers for copper...especially when China’s demand continues to be strong.†Analysts said strong credit activity in China may mean its demand for metals. "The fourth quarter bank loan data is very strong. China's bank loans may hit record highs in the current quarter," said Wictor Bielski, an analyst with Macquarie Equities. "China's credit control has basically relaxed... The bank is trying to complete its In the fourth quarter (tax credits),†he said. The three-month lead touched record highs earlier on Thursday, but fell slightly late in the session. The three-month lead’s daily high was US$992.50 per ton, ending the day’s high at US$16. , reported at 976 US dollars. Three-month zinc plate hit a high of 1,168.50 US dollars a month, to close at 1,163 US dollars, up 25 US dollars. Three-month aluminum rose slightly 3 US dollars, reported 1,811.5 US dollars. Three-month tin rose 100 Yuan, to $ 9,100. Nickel three-month period ended down $ 300 at $ 14,100.
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