Reuters Review (2-22)
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LME Market: The London Metal Exchange (LME) copper Tuesday fell from a 16-year high hit earlier on Tuesday. Trade selling and profit taking ended the uptrend of copper's approaching record highs. Analysts said that given fundamental conditions Tightening, the market's volatility is expected to remain high. Zinc and aluminum futures have a strong trend. Zinc hit a seven-year high, and aluminum fluctuates around a 10-year high. Metals analyst at Macquarie Bank said: " The trend of the US dollar today has a noticeable impact on the market. "Time copper closed at $3,242 per ton in open outcry trading, which was up $32 from the week's out-of-the-money composite transaction, but it was a new high of 3,260 hit earlier. The central bank is reducing dollar assets in reserves, involving the dollar against the major currencies. The Bank of Korea said on Monday that it will diversify its foreign exchange reserves and increase the types of currencies in reserves. The supply of basic metals is tight, especially the shortage of copper and zinc. Incentives for fund buying in the LME market for several weeks. Three-month zinc advanced 23 US dollars to 1,391, detaching from its seven-and-a-half year high earlier hit 1,397. Belgium Umicore announced to reduce annual zinc production and boost zinc Three-month aluminum It rose by 2% for a time and touched a 10-year high above $1,973. It closed at $41 a troy ounce, topping 1,965 per tonne, and broke away from the previously hit seven-week high of 1,968. COMEX Copper: New York Mercantile Exchange (COMEX) Copper Tuesday The closes were mixed, with long-term market participants buying on the ground that the US dollar was weak, and sellers saw the weak US consumer confidence index as a good opportunity to make a profit. May copper closed up 0.15 cents per pound. $1.4890, intraday trading ranged from $1.4750 to $1.5020. The latter was a new contract high. Traders said that many market players are busy rolling March contracts into May contracts. The still-active March contract ended 0.25 US dollars lower. Points, reported at 1.4895 US dollars per pound, had previously strengthened to a high point of 1.5050. Previously released reports show that the US consumer confidence declined in February. The U.S. Economic Advisory Council announced that in February the U.S. consumer confidence index fell to 104.0, after the January amendment For 105.1, the expected sub-index will be reduced from 100.4 to 95.7. The estimated closing volume is 36,000. Source: China International Futures Agency Co., Ltd.