LME Copper: Copper futures closed lower on open outcry trading Monday, breaking away from record highs hit at the start of the session, but given current market sentiment and volume strength are strong, the price correction appears to be only temporary. An on-floor trader said: " There is some profit taking in the copper market, which is not surprising - the price of copper is at such a high level. "Three-month copper hit $3,435/ton, and late-night composite trade closed at $3,375, compared to last Friday's close. It fell by 13 US dollars. Another trader said: "The market has been gaining a staggering price in the past week and it is now going to recover a little." "The copper price has dropped by about 50 US dollars from its high point - the correction rate is not significant, and there are scattered purchases during the downtrend." "He also said that the news that BHP Billiton's Tintaya copper mine in Peru is expected to start full capacity next week may also cause the price of copper to be frustrated. The copper mine was temporarily suspended on May 25 due to protests. Analysts said, Due to declining inventory, supply concerns, exchange rate factors and strong Chinese demand, copper prices have risen repeatedly since last week. Barclays Capital said in the report, "Investors and consumers are caught off guard: hedge (shallow) funds were originally falling for copper prices. Layout, due to declining demand and supply Consumers are also waiting for a drop in copper prices. "Because of declining inventories, tight short-term supply dominated the LME market. On Monday, LME copper inventories fell by 2,000 tons to 34,500 tons, a 31-year low. This prompted spot/three-month copper The reverse spread rose to 280/290 from Friday's 270 US dollars, which was larger in December 1995 when it was manipulated by Sumitomo dealer Yasuo Hamanaka. Although the LME, U.S. and China Exchange stock is only about 80,000. About tons, but producer and consumer stocks are 10 times the above-mentioned amount, and these stocks have risen to nearly 800,000 tons so far since the end of 2004. Analyst Moore of Bank of Holland said, "We are gradually entering a disorderly market with a small amount of stocks. The transaction price has determined the transaction level of other large stocks. "Because of the declining stocks, the capital threshold for inventory control has fallen sharply; in the mid-1990s, the market was also manipulated very sharply. At that time, the stock was as high as 500,000 tons. Moore said. , "It is now 120 million US dollars, easy." The physical market trends are different, the premium is already falling. "There seem to be two parallel markets. Physical shipments are sluggish, the premium is down - can get copper," said Moore LME aluminum: three Aluminum for the month performed strongly, rewriting a seven-week high, closing higher by US$20 to 1,797 per tonne, and closing at 1,777 on Friday. The aluminum price rose by 5.5% in a week, but it is still somewhat distant from the 10-year high of 2,016 hit in March. Lido News from Germany, the shareholders of the country’s aluminum producer Hamburger Aluminium-Werke decided to end the company’s primary aluminum production by December 31st. COMEX Copper: Copper futures closed lower, earlier in the overseas market again, but today The rest of the time the price of copper was lower, influenced by profit taking and the strength of the US dollar against the euro. Melar, a metal analyst for Alaron Trading, said, “Most of the strength came from the London market. When copper prices hit new highs but failed to hold, they appeared. In addition, a stronger US dollar also inhibited the rally. "Strong fundamentals, such as tight supply, still support copper prices. Some traders said that the selling pressure is basically limited to dealers and small speculators. In New York commercial futures trading The (NYMEX) COMEX division, July copper closed down 1.65 cents at 1.5875 US dollars per pound. In overseas markets, the contract rose to 1.6250 US dollars, a new high for the contract and a 16-year high on consecutive charts. Spot monthly copper from The record high of $1.69 on Friday fell back and closed down 1.70 cents. Per pound to $ 1.6725. The remaining month contract fell 0.30-1.05 cents a share .COMEX said with about 28,000 ports, including 6,692 from the mouth spread trading.