Reuters commentary (7-29) LME market: The LME base metals mostly closed higher and traded intraday volatility. The London Metal Exchange (LME) base metals fluctuate widely in Thursday afternoon trading and are affected by both technical selling and short covering. Most of the metals are supported by late-coverage buying, with lead needed. A sharp retreat to correct for previous gains means that it will not be able to break out of previous highs. A trader said, "There was not much trading today. Mid-afternoon investors were short and later they had to buy with the intervention. Covering. "There was a similar process last Friday. The relatively low trading volume caused the price to fluctuate sharply. Dealers said, "Tomorrow is Friday and it is the day after this month. It is expected that the price fluctuation will be quite dramatic." Especially close to the close. "The downward revision of lead in the ** period** The three-month lead, which hit a high near $925 in the previous trading day, was revised down today, closing down $20 to 890. Another trader said. : "The lead should be revised down - the technical graphic shows a serious overbought condition. However, I don't think the market will be a lot of shorts." The spot/three-month inverse price gap also weakened, closing at around 96.50/101.50 U.S. dollars, hitting 105 U.S. dollars on Wednesday. Record highs around. Three-month zinc firmed and closed up $28 to 1,034 The period rose by more than 1,020, boosted by CTA technical buying. Nickel increased by US$150 to 13,850 and US$150 to US$8,850. LME copper: three-month copper probed 2,800 on several occasions. The US dollar, however, could not overcome this level, ending up at US$2,786 and still rising by US$51. Analysts said that copper must break through the double tops near 2,860/65, which were hit on July 19 and June 2, respectively. Further rise. Copper reached an eight-and-a-half-year high of US$3,055 in early March. Copper prices have been encouraged by the decline in inventories to a 14-year low. The previous day's copper inventory fell below the 90,000-ton level, and LME stocks fell again by 325 tons to 89,175 today. LME Aluminium: Three-month aluminum closed at 1,688, the previous daily at 1,683. If it falls, it will receive support and it is expected that the market will test 1,695-1,700 US dollars. COMEX Copper: Copper futures on the New York Mercantile Exchange (COMEX) closed on Thursday. At the 9-day high, stocks continued to shrink, with funds and short-covering buying in the market. Refco analysts said, "There may be new fund buying in the market and short covering in Shanghai and London." Price Volatility, traders said due to market participants on Friday Before the release of important data, the United States will flatten the region. The United States will publish the gross domestic product (GDP) and the Chicago Purchasing Managers Index (PMI) on Friday. These two figures are expected to provide guidance for the metals market outlook. The main September copper futures rose 2.25 US dollars. Divided to 1.2935 pounds per lb, which is the highest close since July 20, intraday volatility between 1.2670 and 1.2950. The August contract rose 2.30 cents to 1.2915 pounds, and other far-month contracts closed 2.10-2.40 cents higher. Inevitably, the London Metal Exchange (LME) and COMEX inventories fell to new lows for several years, respectively. LME copper inventories fell 325 tons to 89,175 on Thursday; COMEX's inventories decreased by 1,066 short tons to 80,971 as of Wednesday afternoon, compared to the beginning of February 2001. Low. Brokers believe that the September resistance is around $1.30 and the downside support is at 1.216 and 1.20. The copper volume of COMEX is 15,000. Source: Sunny Technologies