Reuters, London, December 22nd -- The London Metal Exchange (LME) aluminum closed above $1,900/ton for the first time in nine and a half years Wednesday, supported by continued full-day fund buying, but most other metals are weaker. Traders said earlier this week that there was news that China planned to cancel the aluminum export tax rebate, and in the next year to impose a tax to limit the aluminum industry's excess production capacity and a large number of exports. The news triggered aluminum buying. Analysts noted that market movements may also be affected by hedged book operations at the end of the year. The fund's dividend at the end of the year and its ability to attract more funds to enter the commodity market in 2005 will push up metal prices at the end of the year. Three-month aluminum; MAL3gt; rose by $30 from Tuesday to close at $1,905 per ton, the highest since August 1995, continuing the upward trend of the London market since late Tuesday. The period has hit an intraday high of $1,915. London trading Businessmen said, "I think the market trend is expected to oscillate, but I am not expected to stay away from the current level during the year." Traders expect the next rising target at 1,950. Some industry sources question the sustainability of the current rally, especially Currently Under light trading conditions, the volatility of metal prices was exaggerated. According to the Man Financial research report, “we think that the current market conditions are gloomy and there is almost no selling. The fund...is benefiting from it. We will not chase the recent highs. The rally, due to the lack of volume cooperation and the increase in the number of open contracts, made the market vulnerable to decline, which is similar to what we saw in October. ** Copper futures oscillated ** Copper suffered a full sell-off in the late afternoon. Copper LT;MCU3gt; closed down 21 U.S. dollars to 3,070 U.S. dollars per tonne. Earlier this period touched 3,157.50 U.S. dollars, which at that time appeared to be expected to challenge the nearly 16-year high hit in October of 3,175. Traders said, "Today afternoon copper The selling was very enthusiastic and the trend was very oscillating, indicating that the market was in a state of anxiety." Three-month zinc was pressured by profit taking, closing down $18 to $1,218 per ton. Three-month nickel fell by $300 to each Ton 14,650; but three-month lead lt; MPB3gt; rose 1 US dollar to 944. Three-month tin fell 3.7% or 325 US dollars to close at 8,450. (End)
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