July 13 LME Market Review

2024-06-04 20:06:13

LME: Metals mostly closed lower, but aluminum was boosted by fund buying. Aluminum on the London Metal Exchange (LME) closed higher on Wednesday, boosted by fund buying, but other basic metals closed. Low. A trader said that aluminum had jumped more than 5% in the past few days to about two-and-a-half-month highs, due to a US fund covering short positions and buying up to 10,000 contracts. This led to a lot of Aluminium buying. "Three-month aluminum closed at $1,814 per ton, up $9 from Tuesday's close. Another trader said," I think that the aluminum rally seems to be attributed to the establishment of new parts." " I think that the aluminum upper range will be broken, but the market outlook will still be in a narrow range.â€ Dealers said that the aluminum resistance level has risen to 1,830 from 1,820 USD and is expected to continue breaking upwards at a rate of US$10 until 1,850."It is expected to see more selling pressures approaching 1,850." **Base metals mostly fall ** Three-month copper fluctuates back and forth between above and below the flat, trading between 3,320-3,387 and closing at the close. US$5 to 3,333 per tonne. Copper was boosted after the late-night mixed-trade deal due to reports that copper miner Asarco was on strike. Factors, announced that the delivery of domestic copper contracts in the United States will be affected by force majeure. "This pushes up the market slightly, but I think this can only provide short-term support. Copper prices are currently too high." Dealers said. Spot traders said that the merchants demanded the transfer of copper from Chile. To the United States, to make up for possible supply shortages in Assarco. Three-month zinc fell by US$6 to 1,204, and three-month lead reported US$820, down by US$30. Teck Comincoâ€™s workers at the Lead-Zinc smelter in British Columbia, UK The representative stated that negotiations with the company were not proceeding smoothly and that they were considering the announcement of a strike. The three-month nickel fell by 525 US dollars to 14,225, and the three-month nickel tin decreased by 175 US dollars to 6,900. The last time it touched that level was in 2004. 3 month.

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