Orient: LME copper prices were weighed down by a long liquidation counter this week, showing a trend of falling and oscillating. On Friday, it was boosted by buying and rebounded. It ended up closing at $7815/ton, down by $410/ton from last Friday. In the period of 8430~7445 US$/t, due to the impact of copper prices, LME also experienced a turbulent decline in March aluminum, which ended at 2645 US dollars/ton, down by 143 US$/ton from last Friday, and the fluctuation ranged from 2846 to 2575 US$/ Ton.
This week, LME copper stocks for March were 109,800 tons, an increase of 4,175 tons compared with last Friday, LME March aluminum inventory was 747,575 tons, a decrease of 5,175 tons compared with last Friday. This week, the copper stocks of the Shanghai Stock Exchange amounted to 46,329 tons, an increase of 1,009 tons compared with last Friday. The aluminum stocks of the Shanghai Stock Exchange amounted to 1,681,110,000 tons, a decrease of 8,403 tons from last Friday.
Judging from the current trend of copper prices, the current copper price is still oscillating in the box. Under the present circumstances, due to the thin trading volume, the intraday volatility of prices is relatively large, and it is expected that in the near future, there will be no sudden fundamental factors. Copper prices will still oscillate in the box of 8,400 to 7,400 US dollars. This week, China was rumored to be influenced by the State Reserve’s copper production. The trend was weaker than that of the outer disk. The drop was greater than that of the outer disk. Friday fell below the lower edge of the front box. From the technical analysis, there may be a short-term rebound, but the rate is hard to say. The line indicator is still in a bearish posture. The operation is mainly recommended to trade in short-term intraday trading. LME3 aluminum this week, the trend is weak, the performance is broken on the graph, the domestic Shanghai aluminum by the previous box support, showing a certain degree of resilience, in the short term 20,000 first-line strong support. (The bull market operation stock essentials!)
Jiang Gan: 1. On Friday, the LME base metal rebounded from Thursday's low and the market remained light. The three-month copper futures closed at US$7,850 per ton, up by US$210, and aluminum finally closed higher at US$2,642 per ton. , up 32 dollars. LME copper stocks fell by 1300 tons to 109,800 tons, and aluminum stocks decreased by 2,025 tons to 769,400 tons. The reduction in inventory has played a supporting role for copper and aluminum prices. Shanghai copper in the panic selling pressure on Friday fell below the psychological barrier of 70,000, the tail market rebounded in the low buying intervention, while Shanghai aluminum once again demonstrated strong resilience, and may have a certain relationship with the aluminum production cost price. Expected next week in August Shanghai copper rebound technical pressure in, August Shanghai aluminum rebound pressure. 2, Friday, August Hujiao once fell below the trend line. The last market is re-adjusted to the trend line. From the surrounding markets, it is more likely to see the next week's Hujiao rebound. It is recommended to buy near the trend line, with a stop loss of no more than 300 points. 3, CBOT weather theme finally came, next week, soybean meal and corn will have a good performance, we will focus on changes in the intraday positions. It is worth worrying that due to the lack of good performance in the near future, a large amount of funds will be withdrawn from the Dalian market. Therefore, good performance must be funded.
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LME Copper Market Report
LONDON, June 2 (Reuters) - Base metals prices of the London Metal Exchange (NYSE:LME) closed higher on Friday, reversing most of the losses on Thursday, as the metal's sluggish coal prices closed up. As a trader said, “What is certain is that volatility is increasing.†Three-month copper finished at $7,850 per ton in the composite trade, up $210 from Thursday's close. Copper prices Since US$8,800 touched on May 11, it has dropped about US$1,000. Due to macroeconomic concerns, inflation and high interest rates have weighed on the popularity of most financial markets. The report of Baker’s Capital International shows that the volatility of copper prices is still possible. Continuing, the long-term contract performance reflected a significant increase in the implied volatility. The report said, “The implied volatility of the near-term contract rose to 70% in mid-May and is now 60%, compared with only 19% in the same period last year.†Friday The lows and highs of copper prices were at 7,580 and 7,910. Buck Capital International said that compared with other commodities such as gold and oil, the zinc's implied volatility was second only to copper, reaching 61%.
Three-month zinc closed at $3,585 and rose by 75. LME zinc stocks supported zinc prices, and stocks fell by 1,375 tons to a new low of 235,500 in five years. The metal market still lacks liquidity. Traders said that few new funds have flowed in. Monday Germany and France will be closed due to holidays, so at least early next week, new fund capital will have to come from other regions. LME traders and analysts have reiterated that high prices and high risks have affected LME's traditional transactions, and funds have become the main driver of metal prices. Three-month period rose 32 US dollars to 2,642. Three-month nickel rose to 21,400/21,450, reported Thursday 20,550. Nickel stocks continued to decline, pp less 534 tons, to 17,364 lower since last year. The three-month tin closed at 8,150/8,175 and reported Thursday at 8,160. Despite the recent sales of tin, Triland’s report stated that tin is still potentially bullish and there is still room for further rise. The three-month lead is unchanged at 1,040. .
COMEX Copper Closing Report
About June 2 news: About the Commodity Futures Exchange (COMEX) copper closed up 3.3% in turbulent trades on Friday, after metals fell sharply on Thursday, some short covering and low buying. Since the end of the month, some of the ash has been buying into the hollows and some short covering before the weekend." July copper closed up 11.55 cents, or 3.3%, to 3.5865 US dollars per pound. Intraday In the interval of 3.4685 to 3.62. cargo month in June copper rose 9.60 cents to 3.6645 US dollars, far month contract closed up 11.35 to 12.45 cents range. The market is still extremely light, due to increased volatility of the fund to wait and see. The volume of COMEX copper futures is expected to be 12,000 lots, down from 14,186 on Thursday.