Orient:Copper: LME copper prices rebounded yesterday after being supported by safe-haven buying. It closed at $7705/tonne, up $125/ton over the previous trading day, and the fluctuation ranged from 7875~7245. US dollar/ton, yesterday, the LME copper stocks increased 475 tons to 10.8 tons, the Mexican group's Cananea and La Caridad copper mines continue to strike, LME March copper lower down to 7,245 US dollars yesterday, close to the lower edge of the box 7,200 US dollars, from the copper price trend In view of this, the copper price is still running in the large shock range of 8500 to 7200 U.S. dollars. Affected by the fall in the external disk, domestic Shanghai copper once again suffered a larger decline yesterday, and once fell in the session, which is also very much related to the current domestic spot weakness. The spot price of the Yangtze River yesterday was 67260~67360 yuan/ton. At present, the volatility of copper prices is relatively high, and trading is mainly recommended for intra-day short-term trading.
Yesterday, LME3 aluminum showed a rebound trend, compared to the closing price of 2610 US dollars / ton, compared with the previous day rose 51 US dollars / ton, fluctuations in the range of 2625 to 2514 US dollars / ton, aluminum inventories fell 1600 tons to 767.35 million tons, The current resistance is located at the frontline of 2,680 US dollars. Yesterday, the domestic Shanghai aluminum exhibited a trend of turbulence. The trend was significantly stronger than that of copper yesterday. The late-day system issued a long-out signal and the operation suggested that it could properly participate in the intraday trading. The domestic spot price of Yangtze River yesterday was 20440~20480 yuan/ton.
Jiang Gan: LME copper was rebounded on Wednesday by a short-covering hedge fund, which had fallen to $7,245 in early trading and hit a previous low. In the supply side, there was bullish news that the Mexican group claimed to have encountered force majeure. The output of a mine in Indonesia was less than expected, while the larger copper mills in western Europe warned of the tense raw material market and strong demand. The UBS Group reported that the copper concentrate market is in today and tomorrow. The demand will still be in short supply, and the intra-market copper futures will close at US$7,750 per ton, up by US$240. Copper futures for the period will increase to close at US$2615 per ton, up by US$72. Shanghai copper continued to probe low prices on Wednesday, and repeatedly oscillated in the market. There were serious differences in the market. We also mentioned yesterday's early reminder that the current trend of copper is lower and lower, so grasping the short-term rhythm is particularly important, and the safer operation is not to stay. Overnight warehouse. We must pay attention to whether or not LME Copper will start a rally in this regard. The next target is still the 8,000 US dollar mark. Shanghai Aluminum has a strong overall performance and certain defensive performance. It is expected that there will be good performance in the future market, and we recommend that the amount is shorter.
Overseas delivery:
LME Market Report: Copper rallies strongly near 4% as buyers return to the floor
London, June 7 news: The London Metal Exchange (LME) copper rebounded late on Wednesday, boosted by strong buying and rallied nearly 4%. A trader said, "copper's performance in the afternoon is good, if you hold on to the current level tomorrow may There is more industrial buying.†He added, “I don’t rule out replays that have soared for $800-1,000 within a few days a few weeks ago because the fundamentals haven’t changed.†Three-month copper closed at the end of the consolidation transaction per ton US$7,750 was at 7,350 on Tuesday, rebounding sharply after falling 3.5% in the morning to a one-month low of 7,245. Copper prices continued to rise shortly after the close, with 1715GMT hitting 7,850, an increase of 4.1%. Traders said that the market may continue to oscillate due to the spot The copper market was weak due to seasonal factors and the departure of small traders. The metal market is currently experiencing a downturn in popularity. As the US dollar rebounded, the stock market weakened and the US Federal Reserve’s tough stance increased the chance of raising interest rates later this month.
** Supply more profitable**
Liden was reported on the supply side due to force majeure in the mines of the Mexican group and the production of mines in Indonesia by FreeportMcMoranCopper&Gold was less than expected. In addition, Norddeutsche Affinerie, a large copper producer in Western Europe, warned of a tense raw material market and strong demand. A UBS Group report said that the supply of copper concentrates has been tense because of the supply disruptions in many mines around the world. It added that due to factors such as lower than expected growth in new mine capacity, the copper concentrate market will continue to Supply was in short supply. Zinc stocks continued to decline, reducing by 1,275 tons to a five-year low of 231,600. Three-month zinc closed at 3,600 US dollars per tonne, up 150 US dollars or 4.3%. Swedish mining and smelting company Boliden believes that the zinc market will be in short supply. Aluminum rose by US$72 a month to 2,615. The three-month nickel rose by US$250 to 21,200. The three-month nickel closed at 7,900, dropping 200, and the three-month lead settled at 1,045/1,055, and Tuesday reported 1,039.
COMEX copper market report: closed 2.7%, driven by technical rebound
NEW YORK, June 7: The New York Mercantile Exchange (COMEX) copper fluctuates below the flat most of the time on Wednesday, with a short covering boosted by a 2.7% gain before the end of the session. One analyst said, “I’ve confirmed that it’s more of a Technical factors are about." "Copper found a solid support at the daily low near $3.35. Since the fall on April 27, copper prices bottomed out at 3.3455, so this does seem to be a very important support area." Rose 9.45 cents, or 2.7%, to 3.5840 US dollars per pound with an intraday trading range of 3.3550 to 3.6390. Spot June copper rose 9.45 cents to 3.6790 pounds per pound, and the far month contract closed 9.60 to 9.95 cents. Copper futures volume is expected to be 22,000 lots, much higher than Tuesday's 8,648.
Traders at TrilandMetals stated that while Mexico’s group declared force majeure in June and July and the company’s Cananea copper miners went on strike on the sixth day, copper remained down. The trader explained that the dollar was strong, the precious metals futures were weak and the stock market slump pushed down copper prices. In addition, speculative liquidation activities and short sellers also pushed copper to a low point. After that, the market appeared buying from the trading bank. Analysts said that although copper has been revised recently, he is still bullish on copper. Other traders said that in the lack of liquidity in the trading environment, London copper rebounded and supported by hedge fund short-covering and buying support, which provided support for COMEX copper.