* Copper encounter technical selling pared earlier gains
* Copper and aluminum inventories decreased
* China policy unchanged tone
NEW YORK / LONDON, March 8 --- copper price electricity late Monday from up to down, analysts said, due to a lack of market liquidity and fund buying momentum staying power, but the inventory reduction and macro-data suppressed to improve the support Copper prices drop.
London Metal Exchange (LME) closed at 7,470 three-month copper CMCU3 dollar, closing at USD 7,545 last Friday, days after touching high of 7,629.75 dollars.
New York Mercantile Exchange (COMEX) -5 HGK0 month copper fell 0.70 cents to 3.4105 U.S. dollars per pound.
"In the overseas session, copper rose to 7,600 dollars, the euro area and by the popular things in China driven (U.S.) employment data is also good," RBC Capital Markets base metals analyst Alex Heath said, "In the afternoon, we not see any cash flow. "
"The market volume was light," he added, "very much in wait and see."
Monday 1710 GMT, LME three-month copper contract traded in the Select electronic trading system for the 9,394 tons to 18,854 tons last Monday.
U.S. Labor Department reported last Friday, February non-farm employment decreased by 3.6 million people, a Reuters forecast for the reduction of 5 million people. [ID: nCN0906419] data to support the United States may be more strong growth recorded in the view.
Analysts said, but the momentum quickly dissipated, leading to technical selling pressure increased.
China's government work report released Friday show that the expansion policy to address the financial crisis, fundamentals have not changed this year, expanding domestic demand, adjust the structure, stable foreign trade go hand in hand, aims to achieve economic growth target of 8% escort. Whether to expand the size of the deficit moderately easy money supply, consumer price index (CPI) increased by 3% target, leaving the rest to the economic targets set have passed the Chinese adjust and optimize the economic structure determination, and resources tax reform and the protection of people's livelihood as a equally important work. [ID: nCN0904731] It also limited the decline in copper.
** Down ** Inventory
LME copper stocks from March 2 to reduce 9,000 tons to a total of 541,575 tons. Cancel warehouse receipts increased to 29,625 tons, 1 February to 4,600 tons.
LME aluminum stocks fell 6,225 tonnes to 4.53 million tons at the top.
LME three-month aluminum CMAL3 after hitting the highest since January 21 of the 2,265 U.S. dollar, closing at 2,231 U.S. dollars last Friday to close at 2,230 dollars.
Zinc CMZN3 closed from last Friday up to 2,370 USD 2,349 USD. Effect of Lead CMPB3 dollars to close at 2,257.50, Friday to close at 2,230 dollars.
Nickel CMNI3 dollars by the last Friday of the 22,395 down to 22,300 dollars.
Tin CMSN3 closed at 17,300 dollars, the day before closing at 17,400 dollars.