Reuters Review (2-28)

LME Market: The London Metal Exchange (LME) base metals closed higher on Monday as a weaker US dollar inspired a new round of fund buying. Copper futures are within close proximity to a 16-year high. The three-month copper price is US$3,235 per ton. Last night's London evening market composite trade closed up 38 dollars. The spot copper price fell to 138-140 dollars compared with the three-month copper price, and last Friday reported 140-150. Following the good correction trend of the previous Friday's price, Driven by the weakening U.S. dollar, a new wave of fund buying emerged on the floor, said Standard Bank analyst Tony Yu. He said that after the copper market jumped to a 16-year high in the Asian market, the London trading session was generally light. Jing. As the U.S. weakened, copper in the Asian market once jumped to 3,275 U.S. dollars, which was only 5 U.S. dollars lower than the record high of 3,280 hit in January 1989. 1638 GMT, the euro rose to 1.3268 against the U.S. dollar, late last Friday in New York. 1.3242. USD/JPY fell to 104.26 from 105.21 in late New York on Friday. In a report, Barclays Capital International stated: "We strongly believe that commodity prices are currently driven by strong fundamentals and there has been no speculative bubble. "" An analyst at SGCIB said, "The dollar is weak and here There is a big relationship between rising prices. If the dollar continues to weaken, then the underlying metal prices will definitely continue to rise." The weaker dollar supports the LME base metal price, which makes base metals denominated in dollars become cheaper for overseas investors. The longer-term outlook does not appear to be so optimistic, as supply is increasing, and the strong demand momentum in 2004 will be reduced. Analysts said: "The market will enter a balance between supply and demand, there will be a small surplus in the second half. The price will fall back. "Three-month aluminum followed the copper trend and closed at $1,912. According to the International Aluminum Association (IAI), aluminum inventory held by Western producers at the end of January 2005 (excluding final finished products) increased to 3.223 million tons. At the end of December 2004, it was 3.182 million tons, and in January 2004 it was 3.042 million tons. COMEX copper: Copper futures exchanges on the New York Mercantile Exchange (COMEX) closed near its contract high on Monday, expanding gains compared with Friday, and a weaker dollar helped Benefits. May copper closed up 1.25 cents at 1.4985 pounds per pound, intraday trading ranged from 1.4750 to 1.5080, which was a new contract high. The March period closed up approximately 1.10 cents at $1.50 per pound. Intraday is between 1.4855 and A new high of 1.5125 volatility. Other contracts rose 0.80-1.40 cents each range. COMEX copper futures volume is estimated at 12,000, compared with 17,252 last Friday. Analysts said the market started a technical rebound from the lows hit last Friday. , The London Metal Exchange (LME) copper price strengthened, and the weaker US dollar all supported the market. Source: China International Futures Brokerage Co., Ltd.

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