LME optimistic about the majority of base metals closed higher

LONDON, March 3 (Reuters) - The London Metal Exchange (LME) base metal closed higher on Thursday, as investors continued to chase high prices. "After last week's correction, all base metals appear to be doing well, if tomorrow we can continue Hold on, then it may go further." A trader said. He added: "I think the next month's copper may reach $3,500, and aluminum will reach 2,100, but it will fall sharply later this year." Barclays Capital International Analysis Sternberg said: "I think the market will peak in the second quarter. Then demand will usually increase, and Chinese buying will rise." Three-month copper closed at $3,211, higher than Wednesday's 3,202. The 16-year high hit 3,270 hit on Monday and the record high of 3,280 hit in 1989. LME copper stocks fell by 200 tons to 50,575 yen on Thursday, only about 18% of the same period last year. Analysts said that expected stocks will Further reductions may test the recent low of approximately 43,000 tons. Spot/three-month copper spread widened to reverse spread of $135/140. Three-month nickel climbed 3.5% to $16,200, benefiting from commodity trading advisory (CTA) Buying and Inventory Less. Last Daily 15,525. Another trader said: “There was some speculative buying on the floor. The nickel price rose above the previous high and forced the bears to go out and the next target was at 16,300”. Three-month aluminum rise US$32 to 1,944; three-month lead rose 6 US dollars to 955. Aluminum had touched a 10-year high of 1,987 at the end of last month. Three-month zinc reported 1,399.

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