Reuters Review (11-25)
2022-08-19 11:04:46
LME Market: The London Metal Exchange (LME) base metals mixed mixed on Thursday and were sluggish ahead of Thanksgiving in the United States. The weaker dollar supported the metal. The USD/Euro was at a record low of $1.3247. “Mostly fell slightly in the afternoon. But this is because the United States is closed. It may rise again on Friday, when trading will still be as light as today, because the US is still closed. " Copper prices fell slightly due to profit taking, but supply is tight, still making it hopeful The test last month hit a near 16-year high of $3,175. "The bulls' bigger concern is the huge long position on the Shanghai Futures Exchange. Will they postpone these parts to January, or throw them out and push the price down?" Brokers IFX said that the ** copper inverse spread narrowed ** reverse spread narrowed. Spot/three-month spread was 135.5/145.5, earlier at $145/155. Spot/December spread was $40, earlier was 45 USD/Spot/USD spread is $3.00. "The spread is still under pressure and the bears are eager to cover, but so far it is very orderly." IFX said. Earlier, the reverse price difference between tomorrow and the next day (TOM/next) was 7.50. U.S. dollar, unchanged from Wednesday, Tuesday's inverse price spread of 15 U.S. dollars, up 17 The US dollar is expected to re-challenge the nine-year, three-month high set at 1,881 U.S. dollars last month. The three-month lead dropped by 15 U.S. dollars to 957 U.S. dollars, hit by rising rumors of rumors. The three-month zinc fell by 12 U.S. dollars. , reported 1,147 US dollars. The three-month tin rebounded from Wednesday's decline, rising by 90 US dollars to 8,900 US dollars. However, the three-month nickel fell from 14,575 US dollars to 14,350 US dollars. LME copper: three-month copper closed at 3,115 US dollars. Still, the composite trading closing price rose by $20 from Wednesday evening. Traders said that LME copper inventories fell by 2,400 tons, highlighting tight supply. Total inventory fell to 59,650 tons, which was the lowest level since July 1990. Inventory is expected to continue to decline LME Aluminium: Three-month aluminum rose against the trend and triggered stop-loss buying when it reached a mid-term resistance of 1,840/1,850. It closed at 1,847. COMEX Copper: Closed
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