Aluminum on the London Metal Exchange (LME) aluminum Wednesday (December 22) closed above $1,900 a tonne for the first time in nine and a half years, supported by continued full-day fund buying. However, other metals have mostly weakened. Traders said. Earlier this week, there was news that China planned to cancel the aluminum export tax rebate, and in the next year to impose a tax to limit the aluminum industry's excess capacity and large exports. The news triggered the buying of aluminum. However, analysts noted The market trend may also be affected by the hedged book operations at the end of the year. The fund's dividend at the end of the year and attracting more funds to enter the commodity market in 2005 will push up metal prices at the end of the year. At midday, LME three-month aluminum extended gains, It rose to an intraday high of $1,917.50/t. Subsequently, profit taking and sell-off pressure restrained the uptrend of aluminum. At the same time, the purchase of funds has gradually decreased. LME three-month aluminum closed above $1,860 on the 21st triggering fund buying. Therefore, aluminum prices rose during the trading day. Three-month aluminum rose by $30 from Tuesday to close at $1,905 per ton, the highest since August 1995, continuing the upward trend since the London market began on Tuesday. The period has hit an intraday high of $1,915. A London trader said, “I think the market trend is expected to oscillate, but I am not expected to stay away from current levels during the year.†Traders expect the next key resistance for LME three-month aluminum to be US$2,050 (February 1995) ), support is $1,950. Some industry sources questioned the continuity of the current rally, especially in the light of the current trading situation, the volatility of metal prices was exaggerated. Man Financial research report said, "We believe that the current market conditions are light, almost no selling, Funds...are benefiting from it. We will not chase the recent rally because of the lack of volume cooperation and the increase in the number of open positions, which makes the market vulnerable to decline, similar to what we saw in October." In the oscillation period of copper futures, copper suffered a full sell-off in the late afternoon. Three-month copper closed down 21 U.S. dollars to 3,070 U.S. dollars per tonne. The period touched about 3,157.50 U.S. dollars earlier, and it looks like it is expected to challenge the nearly 16-year high hit in October of 3,175. Dealers said that “copper selling was very active in the late afternoon and the trend was very oscillatory, indicating that the market was in a state of anxiety.†Still, copper prices remained high, thanks to tight copper stocks. LME copper stocks fell by nearly 88% to 52,000 tons. The LME spot/three-month copper discount was US$106/ton, which was slightly lower than US$112.50/ton on the 21st. Three-month zinc was pressured by profit-taking, closing down $18 to $1,218 per ton. After two days of sharp gains, LME three-month nickel fell below $15,000 and the intraday low was $14,550. Ton. Three-month nickel fell 300 US dollars to 14,650 per ton. Analysts said that fund buying was the main driver of recent zinc and nickel gains. By the end of the year, most of the investors had left the market and the market was light. However, three-month lead rose by 1 US dollar to 944. Three-month tin fell 3.7% or 325 US dollars to close at 8,450.