LME Market Report --- Base metals mostly closed lower under technical selling pressure, but zinc futures dominated
2022-08-16 11:04:42
The London Metal Exchange (LME) base metals mostly fell on Tuesday. Traders said that the technical selling in the copper market in Asia has affected the London and New York markets. A trader said, "London and New York were affected by the emergence of selling in the Asian market, but the decline was limited, due to tight supply and stable demand and other fundamental factors remain the center of attention of the market." British businessman Barclays Capital International in a research report said "All the basic metals markets are in short supply. We expect metal prices will continue to be well supported in the short term, due to strong seasonal demand, inventories have fallen from already extremely low levels, and China's demand continues to thrive." Due to its consistently poor performance, zinc prices still have huge potential for growth." "But its market situation is beginning to improve significantly as inventory continues to decline and China may become a net importer of refined zinc." Three-month copper closed at 2,944 yuan per ton The US dollar, which was lower than the composite trading closing price of 3,004 on Monday evening, was off the earlier low of 2,920.50. The spot/three-month reverse spread has expanded from $105 to $125. Three-month zinc rose 6 US dollars to 1,125, from the low of 1,097.50 hit earlier. Three-month nickel fell 250 US dollars to 14,250, recovering from an earlier low of 13,900. Three-month aluminum fell by 5 dollars to 1,793. Three-month lead fell by 12 to 942. The three-month tin fell 125 US dollars to 9,000.
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