LME Market Report--Aluminium and zinc futures rise to new highs, driving other base metals out of day low

LME Market Report --- Aluminium and zinc futures have risen to new highs, and have driven other base metals out of daily lows The London Metal Exchange (LME) aluminum hit a 10-year high before the market closed on Wednesday, and zinc also hit a seven-year high. The semi-new high was supported by fund buying and the US dollar weakened. The strong upward trend of the two also led other base metals to break away from lows. Three-month aluminum closed at 2,002 US dollars per tonne, up 15 dollars from Tuesday's late evening London composite trading. Earlier, it briefly touched $2,007, which was the highest since February 1995. The three-month zinc closed up $17 at $1,430 per ton. It earlier hit a seven-and-a-half year high of $1,437. Aluminium was pushed higher by buying, as its technical picture looks very favorable, and aluminum futures above USD 2,000 may attract new capital inflows. "A LME trader said," the trend of zinc seems to be very good, both The demand for base metals is good.” Analysts said that with strong fundamentals, aluminum prices and zinc futures prices will strengthen this year. In the past year when metal prices rose sharply, the performance of these two companies has lag. Traders Said that the decline in LME aluminum stocks once again provided the market Support. LME aluminum inventories fell by 5,250 tons to 574,875 tons, which was nearly two-thirds lower than the 1.45 million tons in January 2004. About 20% of the inventory, ie 116,150 tons, will be used for delivery. USD/EUR has touched two The monthly low is less than 0.03 cents lower than the record low set in December last year, as investors will usher in U.S. trade data that may have a negative impact on the U.S. dollar on Friday. Three-month copper closes at 5 U.S. dollars at 3,275 U.S. dollars per tonne. , previously fell below 3,230. On the LME Electronic trading platform LME Select, copper futures touched a high of $3,300 on Tuesday, with a high of 3,297 in the in-trading trade. Copper has risen about 14% since the beginning of the year due to investors Bet on strong demand and tight supply. Despite rising to an all-time high, analysts said Wednesday's close below $3,280 may trigger a take-profit settlement. "The second day (closed below 3,280) may convince the fund concerned with the chart trend. It should start selling... may want to keep prices down and wait for an opportunity to buy again at around 3,200,” said London Standard Bank Barr. He expects a solid downside support below 3,200. Main industry figures expect production in the second half of the year. The amount will increase, and some people feel that the copper market has become increasingly fragile and vulnerable to the impact of fund selling. Preliminary data released by the International Copper Study Group (ICSG) show that in 2004, refined copper consumption in the world was higher than output. Out of 706,000 tons, and in 2003 there was a shortage of 386,000 tons. The three-month nickel fell by 130 US dollars to close at 16,100. The three-month lead ended down by 3 US dollars to 975. The three-month tin was not traded and was unchanged at every ton. 8,450/8,500 US dollars.

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