Three-month copper 3645.00 * 3600 * 3725 * 58 * 3632 * 3588
Three-month aluminum 1859.50 * 1840 * 1900 * 42 * 1874 * 1885
London, Sept. 7 news: The London Metal Exchange (LME) base metal prices rose at the beginning of the European market on Wednesday, the market conditions are light, as Asian investors cover short positions, traders expect the market in the next few trading days will continue consolidation.
At 0735 GMT, the three-month copper price was $3,655/660 per ton, which rose by $10 from Tuesday's close, but the spot premium fell from $200 to $192.
A Japanese trader said, "This week, the Asian market is still very light, but there is strong support for short covering below 3,650."
The tightness of LME's copper in recent months and the lack of hedges may push copper prices once again to reach record highs, especially if September options expire volatility.
The aforementioned trader stated that “while the inverse price gap is narrowing, supply and LME stocks are still tense. Besides, given the weak US dollar and Hurricane Katrina’s impact on the US economy is not yet clear, the copper support looks very strong. â€
Three-month aluminum trading is quiet and expected to follow copper futures. Aluminum futures are trading at 1,861/864 US dollars, up 1.50 US dollars.
The three-month zinc only increased by $1, 1,391 from the closing of the composite trading session on Tuesday evening.
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