Reuters commentary (June 10)
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LME Market ---- LME Base Metals ended mixed on Friday, with copper closing higher as tensions tightened again before the start of next week's June pricing activity. "A short return before the weekend." Supplement, some investors hope to cover short positions before Monday's pricing activity, "a trader said. Monday's traders will conduct pricing activities for the third Wednesday of June, copper spreads are particularly tight." Copper spot / three months The reversal spread widened again, and the spot/day reverse price spread was even tighter, "the trader said. Three-month copper movements fluctuated, and the late-night composite trade closed at $3,300/$3,305 per ton, higher than Thursday's late evening composite trading closing price of 3,249. Although copper supply increased, leading the copper market to oversupply, LME copper was still supported by technical strains and low inventory. The International Copper Research Organization (ICSG) announced on Thursday that in 2005, the supply of global refined copper in the previous quarter. There was a surplus of 25,000 tons, which was a shortage of 364,000 tons in the same period of last year. However, the LME copper stock was less than 40,000 tons, which was a 31-year low. The drop of 2,000 tons on Friday implied that copper may rise further and test another two months ago. Record high of $3,336. Spot/ The three-month reverse spread was extended from the previous 205 US dollars in foreign markets to 220/230 US dollars. The spot/1 day reverse spread was reported at 7.00/8.00 USdollar. The US dollar strengthened after the US trade data released, affecting the trend of other base metals. The U.S. trade deficit increased less than expected. Three-month aluminum closed at US$1,715, down by US$20. Three-month nickel fell by US$150 to 15,925. Three-month lead declined by US$2 to 963. However, three months Zinc > ignored news that stocks increased by 14,600 tons and closed flat at 1,294. Three-month tin recovered lately and lost 80 US dollars to 7,580.9 months polypropylene futures reported at 948/949 US dollars, the previous trading day 947.50 September linear low-density polyethylene (LLDPE) futures report 950/952, yesterday reported 948.50. COMEX copper----ComEX copper futures closed higher on Friday, spot copper closed at 16 years high Point, due to further decline in copper stocks and tight spreads in recent months contract triggered short-covering buying, and prompted the fund to establish a new long position. July copper closed at a high of 1.5625 US dollars per pound, higher than the low of 1.5440 US dollars 1.55 cents. The July contract is attached at current levels for most of the week. Within a narrow range, consolidation took place after three-month copper rose to a 16-year high of 1.58 on Monday. June copper rose 3 cents to $1.6320 per pound, which is the higher level of spot-month contracts since November 1988. COMEX copper futures volume is estimated at 21,000, which is much higher than Thursday's 15,257.