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LME Trading Quotes Variety opening higher lower closing volume Open positions and increase or decrease in inventory and increase or decrease of copper-2107 57600+375 Tin-104 5935-55 Lead+163 Zinc---- Aluminum+1875 Nickel+146 17964+126 LME Position information Copper positions Increase or decrease the distribution of aluminum positions increase or decrease CASH /15DEC 14651 -1973 54134 -519 16DEC/19JAN 39069 -1105 144808 -293 20JAN/16FEB 48909 -640 71046 -125 17FEB/3MTH 2288 REST OF MAR 256 05APR/ 63MTH 268 LME Copper and Alumina Trading Volume Office Trading Morning Trading Sessions Floor Trading Session II Floor Trading Mixed Trading Afternoon Sessions Floor Trading Session II Floor Trading Mixed Trading Day Trading (including swaps , OTC volume) Copper 2944 67152 Aluminum LME copper and aluminum contract premium spot / 3 month December / 3 month January / 3 Monthly 2 months / 3 months 3 months / 15 months 3 months / 27 months LME copper 114.5/109.5b 93.5/88.5b 51.5/46.5b 22.5/17.5b 415/405b 594/584b LME aluminum 3.5 /1.75b 5.5/2.5b 2.5b/0.5c 2.5b/0.5c 86/81b 147/142b COMEX Market Quotes Opening higher, closing lower, closing and closing positions on the month 0412 144.00 144.00 139.20 140.60 -2.75.20 141.20 136.30 137.60 - 3.05.10 139.10 136.25 136.40 -3.00.50 139.50 134.10 135.20 -3.25.80 136.80 133.00 133.20 -2.70.40 135.40 131.50 132.10 -2.85.00 133.00 130.00 130.00 -2.45.00 129.75 128.00 128.45 -2.80.00 126.00 126.00 126.00 -2.45 501 US CFTC Copper Market Position Chart Non-Commercial Open Positions Commercial Open Positions Reportable Total Open Positions Unreported Positions Total Positions Speculative Net Multi Dates Long Shorts Multi Liquidated Shorts Long Long Shorts Long 2004-9 -7-9-14-9-21 6 2004-9-28-10-5-10-12-10-19-10-26-11-2-11-9-11-16-11-23-11-30 LME Intra-Circle Market Commentary · SB German ZEW Index Surprisingly Rising The base metals have mostly closed higher but although exchange rate factors support the market, copper And tin is still falling. Copper is under pressure from the technical side and the recent relaxation of laxity. The euro was supported by the unexpected increase in the German ZEW index, and investors also benefited from the drop in crude oil prices, as the drop in crude oil prices helped offset the negative effect of the strong euro on European exports. Other metals also show immunity to copper prices, especially aluminum and zinc. However, if copper prices continue to fall sharply, it is not impossible for other metals to fall. Copper: Technically, the close below 2980 suggests that the downside adjustment will start. If the price falls below 2920, then the downgrade target will point to 2600-2700. Aluminium: Technically, the stable price of 1820 indicates that the market's focus is on rising, with resistance above 1840-60. · AMT Copper: The Far Eastern sell market suppressed the market around 3030. Prices fell in the afternoon trading hours and technical long positions pushed them below the support level. Aftermarket rallies are thrown. Aluminum: The aluminum price has a significant rebound compared to the weak copper price. The declining trend line is at 1838. If touched, it will reach the recent high point. • Reuters commented on the LME market: Copper futures on the London Metal Exchange (LME) fell 1.14% on Tuesday. Traders said that due to a slight rebound in the US dollar, the fund has caused a sell-off. A trader said, "Some of the closely watched fund operations in the market Related to the US dollar trend. With the boost of the dollar's decline, the market is aggressively moving higher, but when (the US dollar) shows signs of strength, the fund immediately surrendered. "The other trader said," The foreign exchange market trend makes the market lower, but The market then began to adjust on its own. "The USD/EUR fell to a record low of $1.3470 earlier on Tuesday, but 1735GMT rebounded to 1.3424, but it was still lower than the 1.3395 late Monday New York market. Calyon analysts said, "I think the foreign exchange market The impact was somewhat excessive. The performance of the metal market has been unsatisfactory in recent weeks. Trades have been sparse and the trend has been sluggish." Three-month zinc rose slightly by 2 dollars to 1,170 yuan per tonne. Three-month nickel rose by 125 dollars to one tonne. 13,050. Three-month lead fell by 7 U.S. dollars to 944. LME Copper: Three-month copper closed down 34 U.S. dollars to 2,956 U.S. dollars, although it remained above the flat for most of the day. Traders said that with the recent contract distortions As a result of the slowdown, investors are also clearing their positions. The spot price/three-month period reversed the price difference at the close of $98, which is narrower than last week's 150. LME Aluminium: Three-month aluminum did not follow copper lower and ended lower. It closed higher by US$10 to 1,833 per tonne. Barclays Capital analysts said in the research report, “Consumers are buying well and continue to support aluminum futures. This is partly due to favorable exchange rate movements, while aluminum prices are relatively low.†But Maqsood Ahmed It is pointed out that the large amount of aluminum positions in the period may imply that there will be a large-scale sell-off at some point. COMEX copper: Copper futures on the New York Mercantile Exchange (COMEX) fell sharply on Tuesday, after the earlier slumping buying interest, with the A series of stop-loss sell orders was triggered. A trader said, "The market has risen before the sell orders are triggered. But as the buyout subsides, the market loses its support, it turns down, and a lot of turnover. In the downturn A series of sell orders was activated. "The more actively traded March decline was about 3.25 cents to $1.3520 per pound, and the trading range was 1.3410-1.3950. The spot December contract closed down about 2.75 cents to each. Pounds 1.4060 US dollars. The other month contract fell 1.55 to 3.05 cents range. Traders said that they believe that with the retreat of buying interest at a high level, the recent profit-taking will continue. Although early in the month, some traders said that as the year-end proximity, the fund and some speculators decide that the price of copper is relatively high. In the past few days, profits have been locked. Despite today's decline, traders pointed out that the downtrend is limited. A series of positive factors support the copper market, including stock exchanges at record lows, weaker US dollar, and solid copper demand. Estimated at 18,000 for the mouth, much higher than Monday's 5,070. Economic news adjusted US consumer credit growth of US$7.7 billion in October. Reported on December 7, Fed data show that after adjustment, US consumer credit growth of US$7.7 billion in October That is, the annual growth rate is 4.4% to 2.09 trillion US dollars. In October, consumer spending in the United States increased for the eleventh consecutive month. In October, Revolving Credit increased by US$1.2 billion, or an annual growth rate of 4.4%, such as credit card credit, and Non-Revolving Credit increased by US$6.5 billion, or an annual growth rate of 6%, such as car loans. As a result of the amendment, US consumer credit increased by US$13.6 billion in September, with an initial value of US$9.8 billion. Economists had previously estimated that US consumer credit rose by US$6.7 billion in October. German ZEW investor confidence index unexpectedly rose to 14.4 in December. Reported on December 7th, the December ZEW investor confidence index unexpectedly rose to 13.1, due to a drop in oil prices in November to ease the threat to the German exporters due to the higher euro. 14.4, for the first time in the past 5 months there has been an increase. Economists had previously expected that the German ZEW investor confidence index will fall to a two-year low of 10 in December. The British Brent crude oil futures fell by 20% from the high of 51.56 USD per barrel on October 26. This reduced the company's and consumers' fuel expenses. The drop in oil prices also reduced the negative impact of the 11% appreciation of the euro against the US dollar and the high unemployment rate in the past three months. In addition, the November IFO economic sentiment index for Germany will be announced on December 17. International Financial Markets Dow Jones Industrial Average Nasdaq Composite London FTSE Frankfurt DAX Paris CAC40 10440.58 -106.48 2114.66 -36.59 4728.70 +5.90 4212.62 +18.71 3787.45 +20.06 USD/CHF EUR/USD USD/JPY GBP/USD Dollar Index 1.1405 1.1410 1.3428 1.3430 102.83 102.89 1.9448 1.9453 81.29 -0.05 Gold crude oil CRB Baltic dry goods index 449.90 450.70 41.80 -1.45 281.64 -3.60 6200 -8.00 After-hours US stocks in the global stock market - profit after six weeks of gains On Tuesday, the decline in technology stocks at noon turned into a comprehensive selling pressure. After six weeks of gains, investors took profits and pressured the stock market. The Dow Jones Industrial Average closed down 106.48 points or 1.01% to 10440.58. The Nasdaq index fell 36.60 points or 1.70% to 2114.65. The S&P 500 index fell 13.18 points or 1.11% to 1117.07. The Philadelphia Semiconductor Index fell 9.37 points or 2.10% to 437.15. The major index was intricate this morning and weakened in afternoon trading. Technical and psychological factors have accelerated the selling pressure. Nasdaq has ended higher in the past seven weeks, and both the Dow Jones and S&P 500 have risen in the past six weeks. But today, led by software makers, internet stocks and chip stocks, technology stocks fell first, followed by other stocks. Selling pressure quickly spread, and 28 of the Dow Jones 30-stock constituents closed lower. January crude oil on the New York Mercantile Exchange fell $1.52 to settle at $41.46 a barrel. In terms of corporate news, the report pointed out that J&J is negotiating to acquire Guidant for US$24 billion. Several technology companies also announced the mid-quarter update on Tuesday, including the leading company Intel. Although oil prices and published corporate news are more positive for the stock market, the bears dominated the afternoon trade. Analysts said that at the current level, the stock market is still overbought and there may be profit-taking sales pressure at any time. However, the internal factors in the market are still bullish, and investors have no intention of letting go. It is expected that the stock market may rise further before the end of the year. Intel (INTC-US; Intel) fell 0.50 to 23.51 US dollars, Cisco Systems (CSCO-US; Cisco) fell 0.09 to 19.73 US dollars, Hewlett-Packard (HPQ-US; Hewlett-Packard) fell 0.21 to 21.12 US dollars. In addition, Texas Instruments (TXN-US; Texas Instruments) fell 0.22 to 25.07 US dollars, the company is scheduled to close today after the mid-quarter update financial measurement. Chip maker Advanced Micro Devices (AMD-US; AMD) fell $1.35 to $23.50, or more than 4%. Two brokers lowered the rating of the company and brought pressure. Due to the recent sharp rise in the stock price, Wells Fargo and Deutsche both downgraded the company's rating. Investors also paid attention to possible deals between IBM and Lenovo. IBM (IBM-US) fell 1.47 to 96.20 US dollars, the company will sell the personal computer sector to China's mainland Lenovo Corporation for 2 billion US dollars. The larger possible deal today is the health care company J&J (JNJ-US), whose share price fell 1.33 to 60.50 U.S. dollars. The company is in further merger talks with Guidant, which manufactures cardiac equipment. On the New York Stock Exchange, Guidant's share price soared nearly 5%, while J&J's fell more than 2%. The news provided support for health-care stocks, but the support subsequently faded. The rise and fall of the stock market is bad. On the New York Stock Exchange, the number of decliners was more than the number of risers, which was about 3 to 1, with a turnover of 1.47 billion shares. In the Nasdaq stock market, the number of declines was more than the number of risers, which was also about 3 to 1, with a trading volume of 2.60 billion shares. The United States announced today that non-agricultural production in the third quarter was revised from +1.9% to +1.8%. After the end of European stocks - oil prices fell in US mergers and acquisitions rumored that the German and French stocks closed higher oil prices and the United States J & J is negotiating to acquire Guidant company for 24 billion US dollars, supporting the German and French stock markets. The German DAX index rose 18.71 points or 0.45% to 4122.62, while the French CAC-40 index closed 20.06 points or 0.53% to 3787.45. New York crude oil futures have fallen below 43 dollars a barrel. The euro rose one euro against the dollar to 1.3444 again. The German ZEW agency stated that the continuous decline of the US dollar has hurt the competitiveness of German exports, but the drop in crude oil prices has offset its negative impact. ZEW still expects Germany's economy to recover slightly next year. London stocks rose on Tuesday, but insurance stocks, mining stocks and the US dollar were weak and continued to pressure the stock market. The FTSE-100 index in the UK rose 5.90 points or 0.12% to 4728.70. Foreign exchange market New York foreign exchange ─ anticipation that the United States does not prevent the dollar from falling The dollar fell again against the euro in six trading days, the fifth low, the dollar is weak against the yen, and US officials are not expected to participate in actions to stop the dollar from falling, so that The pressure on the dollar is difficult to remove. European Central Bank President Trichet added the European Finance Ministers camp yesterday and urged the United States to support the US dollar. U.S. Treasury Secretary Stephen Snow said on December 3, “The advantage of the market lies in its ability to correct itself.†The talk showed that the United States did not intend to prevent the dollar from falling. Analysts said that Washington still maintains its strong dollar policy, but there is no action. In this case, it is difficult for the US dollar to have performance. The US dollar fell against the euro to a record low of 1.3470, which was reported at 1.040 p.m. Taipei time at 1.3429 against the euro and 1.3409 p.m. yesterday. The dollar fell to 102.86 yen, and it was 103.18 late yesterday. The dollar fell 4% against the yen this year, and the dollar fell 6.3% against the euro. The US dollar index is about to decline for the third consecutive year. From 1985 to 1987, the U.S. dollar index has not yet seen a three-year decline. Japanese, European and Canadian officials all expressed their concern about the exchange rate today. The Bank of Canada warned that the strength of the Canadian dollar will hit demand and the Canadian dollar will fall to a two-week low of 1.2050 to 1 US dollar. Trichet said after meeting with 12 finance ministers in Brussel: “All major countries and economic regions should play a more active role in reducing global imbalances. He pointed out that the United States, Europe and Asia must do their jobs and stop The decline of the dollar Analysts said that investors should not ignore the central bank’s speech and that the possibility of intervention has risen as the euro has risen.The European Central Bank member Axel Weber said today: “Intervention is the central bank’s ready-to-use tool.†The German mark, which was added to the euro on January 1st, rose to 1.4522 against the US dollar today, a high level since March 1996. However, from the record high of 1.3455 DM to 1 USD, there is still 8% of space. EU finance ministers said that U.S. officials should reduce their budget and current account deficits, which drastically reduced the demand for U.S. dollars. However, U.S. Treasury Secretary Stephen Snow said on December 3 that the US current account deficit is a common responsibility and that European economies should accelerate their growth and help reduce the deficit. The US current account deficit in the second quarter hit a record high of $166.2 billion, which means that the United States needs to import $1.8 billion a day to avoid the dollar falling. The two-day rally in US bonds was blocked, and the focus of traders has shifted to the Federal Reserve Board (Fed), which may raise interest rates next week. The U.S. government will start selling 24 billion U.S. dollars worth of bonds tomorrow, which is also bad. At 06:00 GMT, the coupon rate was 4 1/4%, and the bonds due in November 2014 were reported at 100 7/32 with little change. The yield was 4.22%. Energy Market New York Mercantile Exchange (NYMEX) crude oil futures closed down 3.5% on Tuesday, hitting a three-month low as the market expects US oil inventories data scheduled for release on Wednesday will show distillate oils including heating oil. Inventory will increase. In addition, the northeastern United States, which consumes more heating oil, has a warmer climate and may therefore reduce the demand for the oil. Traders said that the protests affecting Nigeria’s oil output appear to be approaching settlements and intensified. The bearish sentiment on the floor. The NYMEX January crude oil contract closed down approximately $1.52 at $41.46 a barrel. The intraday low fell to 41.38, the lower point since August 30. Reuters' newer survey of 12 industry analysts The division estimates that the average US distillate stocks will increase by 1.6 million barrels in the week of December 3. If this is the case, the distillate stocks will increase for the third consecutive week. The survey also shows that gasoline inventories are expected to increase by 1.9 million barrels. A slight decrease of 300,000 barrels. Dealers are also concerned about possible changes in production policy at the OPEC meeting on Friday. The London International Oil Exchange (IPE) Brent crude oil futures in January closed down 1.38 US dollars. The yuan, or 3.5%, was at US$38.27 per barrel. The NYMEX January heating oil price closed down approximately 2.61 cents, or 2.1%, to US$1.2236 per gallon. The January gasoline period closed down approximately 4.29 cents, or 3.8%. Reported to 1.0867 US dollars per gallon. Integrated foreign precious metals market reported on December 7, COMEX gold futures closed down on the 7th, as traders profit taking, despite the dollar hit a new low. The COMEX gold futures contract has remained at a high level since climbing to a record high of 458.70 US dollars per ounce on December 2. COMEX February gold futures closed down $2.20 at $453.70 per ounce on the 7th. Analysts expect the COMEX gold resistance to be at $457.80 per ounce, and between $460 and $461 per ounce. Support is at $448.20/oz to $449.50/oz, $432/oz and $420/oz. Silver futures closed at $7.885 per ounce, down 7.8 cents. (Shida Futures)