Reuters commentary (8-21) LME market: The London Metal Exchange (LME) base metal prices closed lower on Friday as investors took profits to suppress the market. Profit taking triggered a decline in copper futures, other base metals trailed lower and technical selling pressured nickel, but the price of tin futures with strong reverse spreads rose. Traders are still concerned about inventory conditions, copper stocks increased by 30,000 tons on Wednesday, but stocks did not increase further as traders expected. However, investors still expect LME inventories to rise further in the near term, which makes the market nervous and causes rallies to sell. Aluminum is supported by the fundamentals of the market, and the labor disputes of a Canadian aluminum company owned by Alcoa continue. The union said on Friday that government mediators assisting Alcoa’s Becancour aluminum plant negotiations will spend more time to determine whether the company and the union should meet again to end the six-week strike. There are still major differences between the two parties. Three-month zinc fell by 19 dollars to 973 dollars per tonne. Three-month lead fell by $9 to $853 per ton. Three-month nickel fell 600 US dollars to 13,650 US dollars per ton, as it fell below the 13,900 initial support position and suffered a profit settlement. The three-month tin price rose 125 US dollars to close at 9,125 per ton. LME Copper: The three-month copper was quoted at $2,765 per ton, down $30 from the London market on Thursday. LME Aluminium: Three-month aluminum reported at $1,733.50 a tonne, down just $0.50. COMEX Copper: Copper futures on the New York Mercantile Exchange (COMEX) fell sharply on Friday, the dollar strengthened, crude oil prices hit a record, and stocks may once again increase substantially. September copper, which was actively traded, closed down 2.30 cents to close at 1.2685 US dollars per pound. The intraday trading range is 1.2570-1.2915 USD. Spot August August copper also closed down 2.30 cents to $1.2715 per pound. December copper fell 2.20 cents to $1.2665. The estimated copper volume was 18,000 lots, and the volume on Thursday was 16,212 lots. The open interest increased by 9 lots to 73,448 lots Thursday.
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