October 12 LME Commentary: Copper Falls from Highs, Aluminum Near March's Highs

London, October 12 news, LME three-month copper fell from a record high on Wednesday, but few investors believe that the copper's gains have ended.

Three-month copper fell by 65 US dollars to 3,905 US dollars, far below the previous high of 3,984 US dollars per ton touched.

Many traders still expect copper prices to break through psychological resistance at $4,000.

However, global copper supply has failed to keep up with the demand for China's massive purchase of copper.

Although Zambia’s production problems may be resolved before the weekend, supply problems in North America still exist because both the American Asarco and the Canadian Eagle Bridge Company are plagued by labor disputes.

Three-month aluminum rose 1.8% to 1,954 US dollars, up 22 US dollars, and not far from 1,972 high since March.

Spot premiums fluctuate sharply on Wednesday, with pre-field trades at $10, trades down to $5 on the front wheels, and then rise back to around $19. A week ago it was a positive spread of $12.

Canadian nickel producer Inco said that before 2009, the global nickel supply gap will be 50,000 tons per year, due to limited supply and strong Chinese demand.

Three-month nickel fell by 25 U.S. dollars to 12,675 U.S. dollars.

Three-month zinc fell $15 to $1,480.

Three-month lead fell by 20 dollars to 945 dollars.

Three-month tin fell by 50 U.S. dollars to 6,550 U.S. dollars.