LME base metals closed at 21st most

World Financial News] LME-based metals closed higher on the 21st, with copper and nickel advanced. Comprehensive foreign news report on December 21, the London Metal Exchange (LME) base metals on the 21st most of the closing up, including copper and nickel futures led the gains, trading was light. Thanks to low inventory, early-term LME copper rose to a three-week high of $3,105. The next target of the contract is the December 2 high of $3,127. The LME 21 copper inventories fell by 1,700 tons to 52,650 tons. An analyst said that low stocks support copper prices up, but the market is still trading light. LME spot/three-month copper discounts held steady at $112.50/ton, slightly higher than $110/ton on the 20th. High discounts indicate that the supply of copper has fallen. At midday, the price of copper fell to US$3,050/ton, and the closing price rose again to US$3,105/ton. LME three-month nickel rose more than 8% on the 20th, and rose 5.3% at the beginning of the 21st. Boosted by technical buying, nickel prices rose to an intraday high of $15,400/tonne. However, as interest in buying gradually weakened, midday nickel prices fell below $15,000. In the late afternoon, due to the profit-taking, the price of nickel was limited to increase. LME21 nickel inventories rose by 246 tons to 20,154 tons. LME nickel stocks have doubled since August. From this we can see that fundamental factors are contradictory to the rise in nickel prices. The three-month high of LME aluminum was at $1,875/tonne, but trading was light, closing above the key technical level of $1,860. Other base metals closed flat on the 21st.

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