London, October 31st -- The London Metal Exchange (LME) base metals closed higher on Monday’s quiet trading session on Monday before the LME annual meeting, but escaped its earlier high.
A trader said: "In addition to nickel, the trend of most metals looks quite good. Copper is up and down."
Three-month copper MCU3gt; closed at 3,912 US dollars per tonne, higher than the composite market closing price of 3,878 U.S. dollars last Friday. Today it reached 3,946 intraday.
A UK fund manager said: "The market is incredibly quiet today. With so many people leaving, the price may rise or fall by 50 dollars in an instant. I will not overinterpret this week's fluctuations."
This week, metal consumers, producers, analysts and traders gathered in London to participate in the LME annual meeting.
Traders said that this may lead to a sparse number of trading seats, and the scene of a sudden slump of 16% last year is also easy to reproduce.
They said that the expiration of options (options) on Wednesday also increased uncertainty and volatility.
Another trader said: "Before the (copper) option expires, the trading range is still $3,800-4,000."
For copper, there are still 2,979 strike options at $4,200, and 2,782 at 3,800.
Three-month zinc lt;MZN3gt; Monday hit an eight-year, three-month high of 1,566 dollars per tonne in the electronic session, but late-night composite trade out of the highs closed at 1,546 dollars, only 3 points higher than last Friday's close. Dollars.
According to the former trader, "Zinc needs to be closed at more than $1,550. It looks a little overhang, but long-term buying is supporting the period."
Driven by fund purchases, zinc prices rose from July's $1,173, due to tight supply expected in 2006 and when hurricane Katrina struck, there was uncertainty about the 250,000 tons of zinc stored in New Orleans warehouses.
LME said on Monday that it will unfreeze 1,639 zinc register warehouses from its New Orleans warehouse since the start of the trade on Tuesday.
Three-month aluminum MAL3gt rose 34 US dollars to 1,984. Analysts said that aluminum prices may once again exceed 2,000.
Three-month lead lt; MPB3gt; slipped 1 US dollar to 963. Three-month nickel lt; MNI3gt; unchanged at 12,000/20.
The three-month tin; MSN3gt; fell 20 US dollars to 6,280.
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