London, October 19 news: London Metal Exchange (LME) copper closed slightly lower on Wednesday, intraday trading in the $ 70 range, the lack of fund trading makes the market direction is unknown.

Investors are reluctant to be short-selling because copper has rebounded strongly on Monday following a sell-off last week.

A trader said, "The market once fell below $3,900, but soon found support and then consolidated between $3,900 and $3,950."

“Because the funds have been pushing the market conditions recently, people are not sure how they will operate next. People don’t want to clear their positions because the fund is pushing for copper recovery, especially before the LME Week.”

The LME Annual Meeting will be held in London at the end of this month.

Three-month copper closed at $3,933 a tonne, down $22 from the closing price of Tuesday's evening session. It hit a record high of $3,987.25 yesterday.

Analysts said that copper will continue to attract buying funds before LME stocks rise significantly.

LME stocks fell by 1,075 tons to 63,050 tons on Wednesday, down nearly 25% from the 11-month high set last month.

Adams, an analyst at BaseMetals.com, said: "Although we can't think that the bulls have exhausted before there is evidence, the increase in volatility does show that there has been a change in the landscape. It would not be surprising if there are more profit takings. In particular, financial markets seem to be more cautious about the economic outlook."

** Codelco downgrading premium **

A potential signal that the market may be hitting the top is from Codelco, the world’s largest copper producer. The company cut back on the premium required for its delivery, and its premium reached a record high last year.

However, it merely reduced the premium for shipments to East Asia and Europe in 2006 by US$ 8-10 per tonne, which may anger rallying industry users who have already been struggling with global price inflation.

Mineral stocks have become one of the largest stocks in the UK's FTSE 100.

In a quarterly report released on Wednesday, Bank of Holland stated: "We believe that the medium and long-term prospects for commodity prices are good. But the current price is too high, and we have found some signs that base metals are ready to fall."

Three-month aluminum closed down $8 to $1,980, and three-month zinc fell $10 to 1,505.

The three-month tin fell to 6,375 from yesterday's 6,400. The three-month nickel fell by 225 to 12,125.

Three-month lead fell from 986 to 974.

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