On the London Metal Exchange, zinc futures set a record high on Monday, buoyed by low inventory and strong demand, involving an increase of 130% during the year. The bright performance of zinc did not boost copper during the period. LME three-month copper only closed up 30 US dollars to 7,360. Kemp, an analyst at Sempra Metals, said that hedge funds have turned their attention from copper to aluminum, as well as smaller markets such as zinc and lead. LME three-month copper has been limited to the $8,000-$7,000 range for the past four months, and has been under pressure in recent weeks as LME stocks have increased.
Bulls claim that global copper inventories are still at historically low levels, making the market vulnerable to supply disruptions. Dealers are looking at labor negotiations in the upcoming Chilean Codelco-owned Norte copper mine, where most of the Codelco copper production comes from. The current labor contract will expire at the end of this year. Both parties will begin negotiations on November 17. LME three-month aluminum closed up 18 to 2,800 yuan per ton, again failing to gain upward momentum above the 2,800 level. Trader suggestion: continue to hold aluminum long.
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