Reuters Review (5-18)
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May 25 04:05:56, 2024
LME Copper: Copper futures closed higher on Tuesday as traders said that because the price of copper in the middle of the past month dropped by more than 10%, it stimulated consumer buying. "The market is consolidating. We expect that due to tight inventory and recent US economic data, the future few This pattern will continue for the day. "A trader pointed out that the three-month copper futures composite trading closed at $3,006 per ton, up $16 from the closing level on Monday. Copper prices were in short supply and fund buying about a month ago. Boosted to hit a record high of 3,336/338, but afterwards, the increase in inventories prompted the fund to clear its position, causing prices to fall all the way. However, Adams, a metals analyst at Basemetals.com, said that a drop of nearly 1,000 tons of copper inventories on Tuesday may have inspired consumer buying. He said, "There has been resistance between consumer buying and selling funds, and the transaction volume is relatively large." He expects copper prices to rise by more than US$3,020 in the next few days, with the next target pointing to 3,030/040. He said, "Today USA announced The producer price index (PPI) is bullish, and the U.S. economic, economic, and manufacturing sectors have shown signs of strong growth in the near term, which will overshadow the negative impact of a stronger US dollar.†US dollar Tuesday on the New York market At the beginning of the session, due to higher-than-expected April producer price index (PPI) and strong housing starts data, the above data consolidated the expectation that the Federal Reserve Board will continue to raise interest rates, but it was subsequently announced. The US industrial production unexpectedly fell in April, causing the US dollar to be pulled back. LME Aluminium: Three-month aluminum prices rose by 19 US dollars to 1,734 yuan per ton, and LME aluminum stocks decreased by approximately 6,000 tons, and copper prices rose during the period. COMEX copper: Copper futures ended mixed on Tuesday, with near-month contracts boosted by consumer buying and short covering. Some market participants said that due to strong copper fundamentals, buying should have occurred long ago. Indicator July copper closed up 0.25 US cents , reported at 1.3485 US dollars per pound; intraday trading in the 1.3310-1.3620 range. On Monday, the contract hit a three-and-a-half month low of 1.33. Spot May May copper closed up 1.10 cents at 1.4335 US dollars per pound. Other contracts closed 0.55 It was up to 0.75 cents higher. However, some traders questioned the strength of today's rally because the transaction volume was very thin. The volume of copper in COMEX copper was estimated to be 12,000 on Tuesday, which was less than the 16,777 on Monday. One trader said, " I don't think there has been a major change in the futures of copper Copper seems to still fall rather than go higher. I think copper may fall further."