Reuters Review (1-11)
Jiangmen Duramp Electric Co., Ltd , https://www.durampled.com
LME Market: The London Metal Exchange (LME) copper futures ended higher Tuesday as the dollar weakened and supply became tighter. The still strong copper fundamentals provided support, said Bach Financial metal analyst Macmillan. The base metals fell sharply a week ago, At the time, the surge in the US dollar caused metal prices to plunge by about 9% within one trading day, making copper prices quickly move away from nearly 16-year highs of 3,175 in October. Some traders said that today’s gains were also received by the LME Select electronic trading system in the afternoon. The impact of the short-term closure, but the entire day's transactions are quite light. Copper supply is tight, the exchange stocks continue to decrease, both attract buyers to return to the market. Copper spot / three-month spread has expanded to $151/161, for April The high level since the creation of 185 US dollars was only 100 US dollars at the beginning of the year. The supply and demand gap in the copper market is expected to continue into the second half of this year, and supply may be very tight. McMillan stated that the spread trading will be very hot and the reverse spread will rise to 200/ US$250 is not surprising. Global exchange copper stocks have fallen more than 80% since January 2004 and only 129,333 tons as of January 7. HSBC’s Williamson stated in its 2005 outlook report. Because the low inventory makes the price of copper easily affected by supply disruption, it is not ruled out that the price will continue to rise this year. **Other metals are also rising** The situation in the lead and nickel market is also very similar. Williamson said the fund is still preferred Doing more metals is not just because the US dollar may fall further, but also because China's demand is clearly strong. The recent rally in the US dollar provides a good opportunity for buying. Traders are ready to trade in the United States on Wednesday, after the metal market trend may fluctuate. Received at 910 US dollars, the previous day closed at 896. Three-month zinc rose 13 US dollars to 1,230; Tin increased 25 US dollars to 7,825. Nickel rose by 200 US dollars to 15,100. LME copper: three-month copper rose slightly by about 2%. To US$3,026 per tonne, up by US$65. LME Aluminium: Other metals are stimulated by copper futures. Aluminum increased by US$25.5 to 1.835.50 per tonne. COMEX Copper: Copper futures exchange on the New York Mercantile Exchange (COMEX) effectively broke the recent consolidation range on Tuesday. Due to the sharp fall in the exchange rate of the US dollar, the direction of copper futures has been determined. A senior trader and analyst said that the current market trend is strong, and the dollar’s ​​current rally has already ended. Falling. Indicators rose about 2.75 cents to 1.3970 US dollars per pound in March. The volatility was 1.3690-1.4050. The spot January contract closed 2.65 cents higher at 1.44 dollars per pound, and the other month's contract ended 2.65-2.80 higher. Scores ranged from 13,000 in the final trading volume to 5,009 in Monday trading. Traders said that volume gains and Tuesday’s gains further attracted wait-and-see participants in the market. Wednesday’s US trade balance data may indirectly determine the future of copper. COMEX Copper stocks were unchanged at 48,455 short tons. Source: China International Futures Brokerage Co., Ltd.