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Reuters Review (8-13)
Reuters commentary (8-13) LME Market: The London Metal Exchange (LME) base metals closed higher on Thursday, analysts and traders said, short covering the buying period prompted aluminum to rise and boost market movements. Industrial Bank of France Analyst Briggs said, “The trend is relatively strong today. Aluminum futures broke through the $1,700/ton level, and the uptrend is quite significant.†The three-month aluminum overnight composite trade closed at $1,715, compared with Wednesday's open outcry market closing. The price rose by 30 U.S. dollars. A trader said that after triggering stop-loss buying at 1,700 U.S. dollars, aluminum futures rose further in quiet market conditions. Traders said, "At the beginning of the session, buying began at the price of 1,680 U.S. dollars. The decline in aluminum stocks in early morning has become an excuse to push up aluminum in the future. "Briggles said," Aluminium showed signs of an independent strength, aluminum stocks fell to about 800,000 tons today. "But he pointed out that" inventory reduction is not a period The whole reason for the rise in aluminum is. "Aluminum stockpiles have fallen since the end of January of more than 1.45 million tons. Briggs said that if inventory decline accurately reflects the market supply and demand situation, then this year's global demand growth rate will certainly be close to 11%." .. Although the demand is very strong, it is not so strong. The situation may be somewhat abnormal," he said. The majority of other base metals mostly rose. The three-month nickel was flat at $13,200 per ton, and the three-month tin was completely in a range range, rising by $20 to $8,800 per ton. Three months Lead rose 9 U.S. dollars to 887 U.S. dollars, three-month zinc rose 10 dollars to 987 U.S. dollars. LME copper: three-month copper rose 7 dollars to 2,772 yuan per ton. Traders said, "The market is concerned about copper. The focus is on spreads. The current market lacks spot buying. "The spot and three-month copper price gap narrowed to $75/80 from $90 earlier on Thursday. LME Aluminium: Three-month aluminum evening bargains closed at US$1,715, an increase of US$30 from the open outcry market closing price on Wednesday. COMEX Copper: Copper futures on the New York Mercantile Exchange (COMEX) closed modestly lower on Thursday. The economic data released by the United States was good, improving demand prospects, but traders pointed out. Whenever the dollar strengthened due to positive data, investors sold copper. Traders pointed out that copper is still fluctuating in the mid-range of the recent fluctuation range, and the recent trend is mainly driven by speculative trading. The active September copper fell by 0.50. US cents to close at one pound per pound. At $2,675, the intraday trading range was between $1.2630 and $1.2850. Spot copper for August delivery fell 0.60 cents to $1.2700 per pound, and December copper also declined slightly to 0.10 cents to $1.2590. Copper volume estimates for the period It was 17,000, higher than 12,093 on Wednesday. Source: Sunshine Technology