Reuters Review (7-26)

Reuters commentary (7-26) LME market: LME base metals mostly held steady, with earlier lack of fund and trade buying follow up LME base metals rose in relative quiet trading on Monday Earlier, there was a lack of follow-up on fund and trade buying. However, most of the period ended about a stable, fully within the range; the United States will issue economic data later this week that may affect the market. One trader said. , "The Copper futures are lower in the afternoon and there are some resistances near the US$2,730. It is difficult to break through." The United States will issue consumer confidence data on Tuesday, and orders for durable goods (durable goods) will be issued on Wednesday. Gross domestic product (GDP) will be released on Friday. Both will test the performance of the dollar. These data became particularly sensitive after the US Federal Reserve Chairman (FED) Chairman Greenspan spoke last week. Ge Lao pointed out that the recent weakness in economic data is only a temporary phenomenon, suggesting that interest rates still need to be raised. Man Financial analyst Meyer pointed out in the research report: "Technically, metals are approaching oversold areas." "We have been chasing after a breakthrough in metals (especially copper) last week. Attitude. Despite this, we are also cautious about taking too much short positions." "After all, metal fundamentals still point to demand oversupply, and the world economy is still strong." However, Mel believes that a key factor affecting the metal market is The U.S. economy and its direction. Three-month lead was also supported by declining stocks. Inventories fell by 350 tons to 38,925 tons, a low level since August 1990. The reverse spread rose to a record 90/100 U.S. dollars. The monthly lead price rose by 3 U.S. dollars to 876 U.S. dollars. The three-month zinc rose by 8 U.S. dollars to 988 U.S. dollars. The nickel advanced by 150 U.S. dollars to 14,100 U.S. dollars. The period of tin rose by 25 U.S. dollars to 8,725/8,750 hours. LME copper: three-month copper self- The early afternoon highs fell back to close at $2,714, a dollar drop from Friday's closing price. Traders said that the continued decline in inventory should slow the decline, and today's inventory fell by 1,125 tons to a 14-year low of 90,400 tons. LME Aluminum: Three-month aluminum climbed $3.50 to 1,665.50 COMEX copper: COMEX copper closed mixed, with the market waiting for US data. Copper futures on the New York Mercantile Exchange (COMEX) ended mixed on Monday, but was higher than last week's two weeks. Low. Traders pointed out that after the sell-off of the fund last week, trading The stagnation was due to the US dollar falling against the euro. September copper futures closed higher by 0.20 US cents to US$1.25/lb. intraday trading between 1.2380-1.2630. Spot July rose by approximately 0.25 US cents to 1.2495. In the US dollar, the other months ended the week down by 1.00 cents to close at 0.25 cents. Market participants said that in the absence of fundamental news or important economic data to promote the market trend today, the US dollar is still watching for guidance. A broker pointed out: "After the reversal of the US dollar today, the market remained stable, but trading was light." An on-floor trader said: "The market opened higher and rose to the resistance area near $1.2610 but still traded. "Slightly quiet." The estimated trading volume at the end was 8,000, which was lower than the official announced volume of 13,130 last Friday. The number of outstanding contracts decreased by 2,993 to 66,593. Last Friday, the fund liquidated the long position and dragged down the 9-month period. About 3.90 cents to two weeks lower close at 1.2480 US dollars. Source: Sunshine Technology