The LME market: The London Metal Exchange (LME) base metals mostly closed higher on Monday, supported by short-covering late in the session, after the basic metals in early trading were depressed by the US dollar, but due to the record high oil price is the economy The growth outlook is overshadowed by the fact that after last Thursday’s copper hit a record high of US$3,308 per tonne, the underlying metals market is still vulnerable to selling by funds. The three-month copper settlement price was reported at US$3,245, which was higher than last Friday’s closing LME13 USD, spot/three-month copper inverse spread has fallen to $140.5/150.5 from more than $160 at the beginning of last week. I thought that there may be a slight decline in late trading today, as copper has briefly fallen below 3,220. Analyst Bhasana, a Standard Chartered Bank representative I had thought that there would be fund selling, but surprisingly they did not do so. The market was forced to rise above the 3,220 level. The closing price of copper on Monday was constructive, but he said that the transaction volume was small. Analysis by Calyon Financial Maqsood Ahmed believes that copper resistance is at 3,270, then 3,308; support is at 3,225 and 3,175, then 2,950.BaseMetals.com analyst William Adams said that the basic metal face protection Tension, so the overall outlook for the longer term is still bullish, especially for those with low stocks and declining stocks. However, as the US dollar may still have some upside potential in a rate hike environment, if the dollar-denominated metal prices are further It's not surprising that there is downward adjustment, especially when the economic growth slowdown may begin to be greater than expected and the metal supply will increase. All these factors may prompt the metal to enter a deep correction stage. If some funds decide not to go through this kind of consolidation If it were, then its liquidation could give prices a severe blow. Undoubtedly, the downtrend will attract consumer buying, so the decline may be short-lived. The euro against the US dollar is currently quoted at $1.2839, which is lower since February 10th, last Friday in New York. The market reported late at 1.2907. Aluminum followed copper prices higher. Three-month aluminum rose 8 US dollars today to close at 1,936 US dollars after falling 2% on Friday. COMEX Copper: Copper futures on the New York Mercantile Exchange (COMEX) closed higher on Monday, buoyed by a small amount of fund buying. Traders said that the market fell earlier due to the rise in the US dollar. However, due to the lack of economic data released on Monday in the United States, other aspects affected. The copper price factor is also very small, so the transaction volume is low. One trader said that the market seems to be falling again, but then rebounded. Various participants in the market are buying, but there are still plenty of short positions. May period copper It closed higher by 1.05 cents to US$1.4950 per pound. The trading range was 1.47 to 1.4960. The spot April rose by approximately 1.35 cents to US$1.5060. The other monthly contracts closed up by 1.05-1.30 cents. COMEX Copper Volume was estimated at 10,000, compared with 17,454 last Friday. Source: China International Futures Brokerage Co., Ltd.
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