Reuters Review (2-24)
2022-08-18 08:04:40
LME market: The London Metal Exchange (LME) aluminum futures fell 4% from their 10-year high on Thursday, and fund selling hurt market sentiment. "Funds are taking profits." Standard Bank Metals analyst Baha said, "From the fundamentals, there is no change, but from a technical point of view, the market has lost its momentum and entered the overbought zone. Investors are locking in profits." Tokyo Futures Trader said earlier on Thursday: "In the long run, I think bearish." The fund had previously poured into the commodity market to pursue diversification of investments other than stocks and bonds, and to circumvent the risks posed by the weak dollar. Three-month aluminum was open on Thursday The outcry trade fell by $57 to 1,912 per tonne late in the session. It earlier hit a high of 1,988.50 since May 1995, when it was 2,155. The three-month Zinc reported $1,376, a decline of $20, escaping earlier touches. The high point was 1,418.50, which was higher since the end of September 1997. Three-month copper fell by 38 US dollars to 3,190 metric tons. COMEX Copper: Copper futures on the New York Mercantile Exchange (COMEX) closed lower on Thursday, as the majority On-site dealer sells, trying to stimulate stop-loss sell orders. In addition, with the advance of the March deadline The period from about March to about May is the mainstream of the transaction. The five-month copper futures fell 1.50 cents per pound to $1.4800, and the trading range was 1.4560-1.4950.3 months ago. On February 28th, many investors continued to extend it to May. The period fell about 1.70 cents to close at 1.4830 US dollars per pound. The spot February contract also fell 1.70 cents to 1.4830 US dollars. COMEX copper than the final transaction The volume is estimated at 29,000, close to Wednesday's 29,432, and about 6,235 transactions are rollover transactions. As of Wednesday, the number of positions increased by 2,029 to 110,833. Due to the high open interest, some traders said that the long position may not increase their positions. The monthly contract has a large number of stop-loss orders below $1.45. Source: China International Futures Brokerage Co., Ltd.
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