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Strategies & Market Trends : Commodities - The Coming Bull Market -- Ignore unavailable to you. Want to Upgrade?

To: craig crawford who wrote (219)	6/13/2001 1:36:45 PM
From: craig crawford	Read Replies (1) \| Respond to of 1643

DJ LME Base Metals End Mixed But Look Set For Further Losses LONDON (Dow Jones)--London Metal Exchange three-month base metals ended the late kerb mixed Wednesday compared with Tuesday, but look set to resume the downside as negative sentiment prevails, dealers said. (LME three-month prices in dollars a metric ton at 1600 GMT, with the previous late kerb close in parentheses. Comex copper at 1720 GMT in cents a pound, with the previous close in parentheses.) Copper 1,617.50 (1,617.50) Tin 4,845.00 (4,855.00) Aluminum 1,491.50 (1,496.50) Zinc 919.50 (913.50) Nickel 6,745.00 (6,852.50) Lead 454.75 (451.50) Comex July Copper 72.40 (72.35) The metals managed to avoid forging new lows Wednesday after Tuesday's harsh selloff, but many in the market are viewing this as a temporary stall of the downtrend rather than a sign of strength. With the economies of Europe and Asia showing signs of weakening and the U.S. economy failing to promote confidence, most of the base metal complex is vulnerable to further losses over the coming months, a London-based analyst said. Major fund players over the last week have not only been liquidating long positions but crucially, have been selling positions short, a sure sign that confidence in the metal market is diminishing, he said. Copper revisited its two-year low at $1,609/ton Wednesday, and in the current environment, looks set to break support at $1,600/ton as funds lead the selling, an LME dealer said. Zinc marginally avoided a retest of its seven-year low at $909/ton and most participants are expecting a break of $900/ton support and a move down to $980/ton before the end of the week. Aluminum, despite being well supported by recent production cuts, ranged between $1,487/ton and $1,501/ton, with the latter price looking increasingly like the new resistance level, the dealer said. Nickel also fell sharply to a low of $6,666/ton after breaking through support at $6,800/ton, but managed to attract strong buying interest at the lows. The analyst was able to draw a modicum of optimism from the nickel market, noting that a projected shortage of stainless steel scrap and expected lower Russian exports could bode well for prices over the next few months. -By David Elliott, Dow Jones Newswires; 44-(0)20-7842-9353; david.elliott@dowjones.com (END) Dow Jones Newswires 13-06-01