Reuters Review (11-30)
2024-10-19 05:01:58
LME Market: The London Metal Exchange (LME) base metals mostly closed lower on Tuesday as the US dollar rebounded against the euro from a record low. A trader said, “You can only attribute the metal downfall to the foreign exchange market. As the dollar rebounds, some bullish knots Clearing the position and pulling down most metals. The dollar rebounded against the euro to 1.3265/68 USD at 1718 GMT and fell to 1.3334 earlier. Analysts and traders said that the metal period may be due to profit taking in December. The pressure, however, is not expected to fall sharply. He said, "The fund's long position is not that much, so the selling pressure before the end of the year may not be very fierce." "There may even be higher prices that aim to gloss over the books. "LME copper inventories increased by 675 tons on Tuesday, but tensions in recent months remain unchanged, and the spot/three-month reverse spread remains firm at $140/145. Analysts and traders said that stocks appear to be lower, but the market looks more In order to balance, a trader said that up to 100,000 tons of copper from Kazakhstan are held in the hands of traders, but the copper is not deliverable on the LME. Sempra Metals analysts said, “It can be said that there is no shortage of copper in two or three months. ." "China's demand is sluggish. Declined." Three-month nickels rose 10 US dollars to 14,260 yuan per ton. Three-month zinc reported 1,171 US dollars per ton, down 4. Three-month tin reported 8,750, down 60. Three-month lead report At 951 per ton, it fell 10. LME copper: The three-month copper was quoted at US$3,095 per tonne, which was lower than the Monday's composite trading closing price of 3,112. LME Aluminium: Three-month aluminum fell by US$7 to 1,840 per tonne. COMEX Copper: Copper futures on the New York Mercantile Exchange (COMEX) closed slightly lower on Tuesday, fluctuating mostly flat in intraday trading. Traders pointed out that investors are taking a profit when prices are close to recent highs, or speculation in the market. Copper prices will increase further to increase their positions. US economic data is better, the dollar is weaker, and lower copper stocks and other favorable factors support copper prices on Tuesday higher. But some market participants are nervous about the price above $ 1.4 per pound. Therefore, it was decided to clear some long positions, and some were in the process of establishing new short positions. The more active trading March dropped by 0.65 cents to US$1.4340 per pound. At the beginning of the session, it touched 1.4480, which was only slightly lower than the one hit on Monday. The seven-week high was 1.4520. The intraday low was 1.4240. 0.20 cents to $ 1.4430. The remaining month contract fell 0.35-0.90 cents a share. Estimated volume of about 14,000 mouth, well below Monday's 20,680 ports.
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