LME Market Report: Base Metal Plunges Late, Triggered by Stop Loss Selling

LONDON, June 30: The London Metal Exchange (LME) base metal fell sharply late on Thursday as speculators settled off part of the contract triggering a suspension of selling, which caused all base metals to close lower. Copper is held most of the time today. Kennedy, even at a high level of $3,400, but the stock market was not immune to late-night trading. The deal fell to a day low. A trader said, “Today's market is complicated, mainly flattening parts.” Other traders said that the market is approaching the end of the month. At the same time, it was the end of the quarter and the end of the first half, so there was a large-scale technical adjustment, such as the lead market. Three-month copper was supported by news factors, as copper inventories fell by 1,450 tons or 4.7% to 29,525 tons, which was 31. Year-on-year lows. Traders said that low inventory levels, coupled with continued concerns about supplies from Chile, the United States and Zambia, prompted investors to be cautious about short selling. However, Zambian Minerals Minister stated Thursday that it will allow the country’s second-largest copper Producer Mopani continued production. He had threatened last week that the mine would be shut down without improving security measures. Traders said that “the Zambian government’s claim to shut down the copper mine has never been doubtful.” Copper fell below the 3,390 level in the monthly period, then fell below the 3,350 level and then fell rapidly to close at 3,319 US dollars per ton, which was 39 US dollars lower than the composite transaction closing price on Wednesday night. The spot/three-month inverse price gap also weakened by about 20 U.S. dollars. At 225 U.S. dollars, this also put pressure on prices, although the market is still not far from the contracted high of 3,435 U.S. dollars. "Copper is a 'super star' and other metals are only supporting actors," the trader said. Victims** In other metals, lead was the main victim of this wave of selling, tumbled $36 or 3.8%, to close at 895 per tonne, a two-month low. Traders noticed a break below 200 on Wednesday. The daily moving average level - after the first meeting in two years, the market is vulnerable to technical selling. The 200-day moving average entry point was at $936 today. The aluminum futures fell to the low end of the 1,700/1,750 range and ended at 1,720, down 18 U.S. dollar; zinc fell to 1,230, falling by 20 U.S. Nickel fell by 220 U.S. dollars to 14,475 U.S. dollars, and stop-loss orders triggered U.S. tumbled to 7,200 U.S. dollars, plunging 225. LME Plastics futures contract recently set The high point is slightly pulled back due to the fall in energy prices. No , Polypropylene (PP) and linear low density polyethylene continued to attract buying interest after the month of September. In terms of industry news, Norway's Statoil sold its 50% stake in Borealis, Denmark. This reflects the current industry model. That is, oil and energy giants want to spin off their downstream petrochemical subsidiaries because of volatile prices.

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