Reuters commentary (May 19)
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Reuters commentary (May 19) 2005-05-20 09:37:33 LME Copper: Copper prices oscillated during the regular trading session on Thursday, saw in the near-term intraday range. LME three-month copper overnight comprehensive transaction closing per T$3,028, down $22 from Wednesday's closing level. Analysts said that after last week's sharp decline, base metals continue to gain ground, but it is difficult to return to upper gear. "It's difficult to hold (yesterday) gains. Overall In terms of technical terms, the prospects of base metals are not good, and the market is still in a correction trend to the recent decline. "A trader said." Base metals must rise and then persist for a day or two before they can stir up investment again. Interested parties." LME Aluminium: Aluminum futures also fell, but in the case of a sharp increase in stocks, aluminum did not fall sharply, making some investors surprised. Three-month aluminum fell by 10 US dollars to 1,734 yuan per ton. Today, LME aluminum inventories have increased by 17,300 tons or over 3% to 559,275 tons. "8,300 tons of aluminum entered the warehouse in Singapore, which is in line with China's large import volume," said Barclays Capital International. "But more worrying is that , 11,900 tons of aluminum entered Antwerp, Belgium, which may be needed in the area "Weak signal." A trader said that the increase in aluminum stocks has little effect on prices because the market knows that there are written warrants. COMEX copper: copper fell on Thursday, hampered by long positions and firmer US dollar at the end of the trading day, but Traders said copper is still at the high end of the current new build. A copper trader said, “I think the sells in the late days have come from a number of long positions that have long since been established, because they believe that the copper will not break through the initial resistance level and thus release the position. Also affected by the dollar's rise. "Indicative July copper fell 1.30 cents to close at 1.3630 US dollars per pound. Intraday volatility between 1.3610-1.3810. The contract fell to a three-and-a-half month low of 1.33 US dollars on Monday. Spot in May. Copper closed down 0.80 cents to 1.4580 US cents. Other contracts closed down 1.00 to 1.30 cents. COMEX copper forecast volume was 10,000, which was lower than Wednesday's 13,878. Following a heavy sell-off pressure on Monday fell to After the three-and-a-half month low, traders believe that copper prices are finding support, as the focus of attention has shifted from speculative factors to fundamentals, and most of the speculative positions have been closed. Similarly, most copper traders have ignored the US economy announced on Thursday. Data base Suggesting that face the situation, and seek guidance from the dollar.