LME market - Copper prices hit a record high above $3,340 per tonne on Thursday as fund managers reinvested their funds into the metals market at a time of tight supply. Analysts said supply concerns and the London Metal Exchange (LME) Inventories fell and they jointly promoted copper price growth. Adams of Basemetals.com stated that “It will not be surprising that after entering another record high, it will enter into a consolidation mode. After a period of consolidation, profit-taking, and the sale of producers, copper prices will have Opportunities rose by more than 3,350." "But there will be seasonal maintenance after the middle of July. Production will increase later this year, and copper prices should fall." Numis Securities analyst Meyer said in the report, "Spot copper prices are tough It climbed to US$3,550 per ton. The optimistic view of China's data confirms our judgment on the continued strong growth of industrial production in the region. ""The market is waiting for the Shanghai Futures Exchange (Metal) inventory data on Friday to observe the recent strong industrial production. Impact. "A trader said," copper rose steadily. The market had previously accumulated short positions, these short positions have been quilted." LME three-month copper closed at $ 3,317 per ton, had touched $ 3,343 at noon, but Significantly higher than Wednesday's closing price of $3,287. An LME broker stated that "a stop loss order was triggered for copper futures above $3,330/40, followed by some profit taking, partly due to the recovery of the US dollar." London copper futures The spot/three-month inverse price spread reached an eight-and-a-half year high of $240 per ton, while LME stocks fell by another 1,000 tons to 38,300, which is the lowest since July 1974. Global producers, consumers, traders and exchanges The copper inventory of the warehouse is about 670,000 tons, which is less than three weeks' demand. In the beginning of 2004, the global copper stock was 1.5 million tons. LME spot copper premium reflects the scarcity of the recent supply. Usually the spot price is in a discounted state. The delivery brings storage and financing costs. Meyer said, "The real bottleneck is the smelting capacity that is actually available, which limits the supply of LME standard copper." "There are some underutilized smelting capacity in the world, but these are idle. Most of the production capacity is at a relatively remote low point. "Tokyo traders said that fund managers may be arranging their portfolios because the recent long-term U.S. Treasury yields have risen sharply and US stocks have made meagre profits. Dealers said LME together with precious metals and energy The market rose sharply on Wednesday as the market believes the fund may revert to the raw materials sector. A strong earthquake in northern copper producing areas in Chile this week also exacerbated market concerns about supply. Chile is the world’s larger copper exporter. Traders pay special attention to BHP Billiton closures. Annual production of 115,000 tons of Cerro Colorado copper mine in Chile. At the same time, it also pays attention to the workers' activity in the American Asarco copper mine. However, BHP Billiton’s Chilean Escondida Chilean mine is operating normally. Aluminum will largely ignore Norway's Norsk Hydro to restructure its European metal business. News. Norsk Hydro's reorganization also includes the slower closing of the refinery in Germany's Stade by the end of next year. LME three-month aluminum rose by US$11 to 1,746 per ton, also boosted by fund buying; zinc from yesterday The 1,292 rose to 1,309. Other metals remained roughly flat. LME plastics prices closed higher as the world's largest polypropylene producer, Basell, announced that several European plants will be closed for maintenance in June. COMEX Copper – New York Mercantile Exchange (COMEX) copper closed sharply higher on Thursday, with the main contract starting to hit a 16-year high in July, and the spot June contract hitting a record high due to concerns over supply shortages The counter-buying was used to push the price to break through the resistance level. In the COMEX division of the New York Mercantile Exchange (NYMEX), July copper closed up 2.05 cents Thursday at 1.5695 USD per pound. Shortly after the opening, it went up to 1.5850. The 16-year-old high point. Traders said supply shortages pushed COMEX's spot June copper to hit a record high set in November 1988. Buybacks from the fund's comeback pushed the price to break the resistance level, but soon the speculators were competing High sell-off to lock in profits. New York traders said that this situation will be repeated in the future. Copper volume up to 25,000.