International commodities report Brought to you by International...

International commodities report Brought to you by International commodities report Brought to you by AAP
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In London, copper at the London Metal Exchange fell to test support at $1,680 a metric ton on reports Grupo Mexico will keep the 150,000 tons a year Cananea mine open.
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A strike last week had forced the company to close the mine, sending copper prices sharply higher, but the National Mining, Metallurgical & Similar Workers Union said Monday the dispute had been resolved and production at the mine had been restarted Saturday night.
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Another report agreed but Grupo Mexico have so far been unable to confirm whether the mine has or will reopen.
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A continued lack of consumer buying despite weakness for the dollar has triggered a lack of confidence toward current copper prices, which has been further heightened by the fact the market is entering the seasonal summer slowdown.
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Aluminum also fell Tuesday, hit by copper's early weakness and a 10,825 ton stock build in LME warehouses.
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Bullish data from the International Aluminum Association Monday which showed a 17.1 per cent jump in year-on-year aluminum orders in May has bolstered sentiment and should prevent a fall through $1,390/ton support.
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Nickel has fallen through $7,000/ton after a 456 ton stock build and looks set to test support at $6,800/ton, while lead has fallen to a one-year low in reaction to a 1,875 ton stock build.
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In New York, comex August gold futures recovered slightly after recent losses.
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It closed up $1.00 at $320.50/oz.
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Dealers said August gold had been in need of a pullback following the recent stretch to 28-month highs of $330.30 and the accumulation of hefty speculative long positions.
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Indeed, they argued that many buyers held off once profit takers emerged at $330 to allow prices to come off their highs and permit August gold to cool off.
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Silver headed lower on the back of further profit taking and plumbed 12-day lows of $4.79 before regaining the $4.88 level by the end of play.
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Resistance is viewed at $4.90 and $4.95 over the near term while gold enters its expected consolidatory phase.
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July silver finished down 0.030 cents at $4.882/oz.
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Nymex Jly platinum remained entrenched inside the recent $550-$560 range throughout.
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Sep palladium dropped to fresh contract lows of $341 amid the prevailing very thin conditions before steadying around $343-$346.
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In New York, crude oil and petroleum products futures at the New York Mercantile Exchange finished modestly lower Tuesday, recouping much of their early losses triggered by expectations of an increase in US petroleum inventories.
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The front-month July crude oil futures contract ended 17 cents lower at $24.12 a barrel after hitting an intraday low of $23.80 a barrel.
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July heating oil slipped 47 points to close at 61.86 cents a gallon, off its intraday low of 61.40 cents a gallon, while the July gasoline futures contract dropped 50 points to close at 73.29 cents a gallon, off its low of 72.20 cents a gallon.
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The early declines were triggered by industry surveys projecting that US crude oil and petroleum-products stocks will show an increase in weekly data due out later Tuesday from the American Petroleum Institute.
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Negative sentiment has come about as US inventories have continued to grow, while violence in the Mideast, once a source of support for oil prices, has eased.
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Meanwhile, the International Energy Agency, the energy watchdog for the West, revised down its projection for third-quarter global oil demand by 300,000 barrels a day to 76.3 million barrels a day.
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At the same time, however, the IEA revised up its initial estimate for first- and second-quarter demand growth by 300,000 barrels a day, leaving its overall 2002 demand forecast largely unchanged.
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Although market sentiment remained bearish, analysts said prices had been oversold during the recent market downturn, prompting some bargain hunting and short covering.
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