London, November 2 news: The London Metal Exchange (LME) base metal prices closed higher on Wednesday, driven by a small amount of buying after the quiet expiration of options (options), led by copper, aluminum and zinc. However, trading was light. The market has not had much confidence in the rise of copper.

Some traders said that despite industry sources predicting that the market fundamentals show a short atmosphere, but the period of copper prices continue to close to 4000 US dollars / ton level.

A trader said: "The market is slowly up. Copper, aluminum and zinc are higher, but the volume is extremely low. There are no special factors behind the trend."

Three-month copper closed at US$3,943 per tonne, higher than Tuesday's composite trading closing price of 3,905, up 1.9%.

Dutch Bank’s Commodity Analyst Moore said: “The trend of copper is bleak. I think the volume will be lower during the rest of the week. It will only be decided on the future when people close the LME annual meeting.”

“However, manufacturers currently expect 2006 to be a good year, although it may not be as bright as it was in 2005.”

On Tuesday, Chile's Codelco, the world's largest copper producer, expects that the copper market will have a surplus of about 200,000 to 300,000 tons in 2006 and the price will fall to 2,200-2,400 in the next three years.

Copper prices hit a high of US$4,018 per ton last month, driven by speculative buying and a surge in Chinese consumer demand.

The late November option in the late morning ended when the option expired, especially since the copper price was still far away from the strike price of the major open positions of $3,800 and $4,200.

Traders said copper may fluctuate within the short-term range of $3,900 to $50.

Natexis announced on the 2nd the forecast of the 2006 copper and nickel trend. It is expected that the price of the two metals will have a double-digit decline, while the average price increase of aluminum and zinc is 7.2% and 5.0% respectively.

Three-month aluminum closed up 20 US dollars to 2,000, and once fell to 1971.50 US dollars / ton in early trading.

The three-month nickel held steady at 11,650.

"It seems that the aluminum price trend seems to be a speculative buyer looking for a stop bit. We have to look at whether there is follow-up action." An inside trader said.

LME zinc stocks fell by 900 tons, stimulating early buying and pushing prices up to an intraday high of 1,550 US$/ton. Three-month zinc rose 14 US dollars to 1,545, and three-month lead rose by 4 US dollars. 941, three-month tin was flat at 6,300.

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