Reuters Review (7-28)
2024-05-25 13:07:56
Reuters commentary (7-28) LME market: The London Metal Exchange (LME) copper recorded a significant increase on Wednesday, returning above $2,700/ton, driven by technical and fund buying. Most other base metals follow copper futures. Lead rose by more than US$900 per ton, reaching a high level since February, and the reverse spread also hit a record high. A trader said, “There was some short covering before the market, then the price was consolidating. Some technical and emerging emerged at the end of the session. Fund buying. "The three-month copper closing lower on Tuesday seems to test $2,650/ton. It was boosted by Chinese buying in the Asian market and maintained an uptrend in the European market. LME copper stocks fell again and fell by 550 tons." At 89,500 tons, the spot/three-month inverse price spread was around US$90. The three-month lead-intrading traded at a final price of US$910 per ton, close to the retested record high of US$935 hit in February. The market is still facing supply. Extremely tight situation, LME lead stocks fell 500 tons to 37,725, a low level since June 1990. Lead spot / three-month futures reverse spread widened to a record high of 106/114 US dollars, previously reported about 100 US dollars. Other metals aspect, Zinc rose by 23 U.S. dollars to 1,006. During the three-month period, tin weakened to 8,750/800, down 60, and the three-month nickel rose slightly to 13,700. LME copper: three-month copper closed at 2,735 U.S. dollars, much higher The closing price of the composite transaction on Tuesday night was 2,664. LME Aluminium: Three-month aluminum rose by US$25 to 1,683 per tonne. COMEX Copper: Copper futures on the New York Mercantile Exchange (COMEX) rose by 4% on Wednesday, and traders said technical and speculative buying drove the period's price to rebound sharply from oversold territory. Further decline in exchange stocks and a rebound in the euro against the US dollar also helped. During the trading period, copper hit a higher level since last Friday. The main September contract surged 5 cents to close at $1.2710 per pound, completely regaining the 2.9-cent drop on Tuesday. Today's trading range is 1.2210. -1.28. An analyst said, "In recent days, we have been under pressure from profit-taking. Copper is oversold. I think the market will soon see $1.30." The spot July contract also gained 4.8 cents. Reported at 1.2680 USD. The Far-month contract closed 4.15-4.95 cents higher. The estimated volume was 20,000, the official statistics on Tuesday was 10,189. The open interest decreased by 890 to 65,605. Brokers pointed out that the technology of the September contract Support is at 1.2160 and 1.20. Resistance is at 1.30. Source: Sunshine Technologies
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