Commentary on the LME market Copper in the LME period ended sharply higher, boosted by CTA buying and the strengthening of the euro against the US dollar London Metal Exchange (LME) copper rose 2.92% on Friday, as the US economic data was weak and the euro strengthened. Traders said, "Slightly The early market seems quite calm, but the situation has abruptly changed after the US released the data. "The US announced that the trade deficit in June expanded to a record high of $55.8 billion, an increase far beyond expectations, and the US dollar fell sharply. In August, the University of Michigan After the initial value of consumer confidence fell to 94.0 from 96.7 in the previous month, the dollar fell further. Three-month copper ended higher at 2,853 US dollars per ton, compared with 2,772 on Thursday. Traders said, "From the weekly close, this Copper is a better performer since April. "Traders said a series of stop-loss buying was triggered to push copper higher. British trader Barclays Capital International analyst Steinby told Reuters," today's uptrend is very strong, commodity trading CTA buying and EUR/USD exchange rate movements are the main drivers." Technical resistance is at $2,860/65. ** Other base metals have risen more ** Aluminum has risen to $1,728/ton, yesterday at 1,715. According to the trader, "Aluminium futures are stable. On 1,725 The party has encountered intensive selling pressure, but in the short-term, 1,750 should be a reasonable target. "Aluminium stocks fell below 800,000 tons on Friday, the first time since December 2001. Steinby said," The technical trend has improved , There is significant upshift space. " Three-month nickel rose $ 150 to $ 13,350 per ton; three-month tin also rose slightly to $ 8,840/50 per ton. Three-month lead fell to one ton 870 US dollars yesterday, 887; three-month zinc rose more than 1,000 US dollars mark, to 1,002, late Thursday composite trading closed at 987. COMEX copper closed higher, due to a weaker dollar stimulated technical buying New York Commodity Exchange (COMEX) Copper futures ended sharply higher on Friday, but it was lower than the four-month high touched earlier. Traders and analysts said that the falling dollar caused technical buying by funds and traders, and that the copper accident in Chile also gave support to copper. Trading activity September copper futures rose 5.05 cents, or 3.98%, to close at $1.3180 per pound, and the intraday trading range was between $1.2620 and $1.3350, which is the highest level since April. Copper futures rose on Friday as the US announced Both the trade balance and consumer confidence data were unexpectedly weak, and the US dollar was depressed and weighed down. Non-dollar-funded investor base metal buying. Reported that an accident occurred in El Soldado, the South African mining giant Anglo-American's Chilean copper mine, killed five workers, but so far production has not been affected. Traders said the news also contributed to the strengthening of copper. August spot copper rose 5.10 cents to reach 1.3210 US dollars per pound, December copper rose 4.30 cents to 1.3020 US dollars. Copper trading volume is estimated at 26,000. Commodity open higher The lower closing price is the same as the previous day's trading volume. (1) Increase (decrease or decrease) Inventories (Increase or decrease) Copper 2853 +81 Aluminum 1728 +13 +105 Lead 870 -7+466 39825+275 Zinc 1002 +15+1178 Tin 8840 +40-18 4045-70 Nickel 13350 +150+361 8886+312 CMX9 copper 126.7 133.5 126.2 131.8 +5.05+1924 LME Copper copper outside the new price: 2850/2860 Spot/three months premium 76.3/86.3 March aluminum off-site newer prices: 1722/1727 Spot/three months discounted 11.3/9.3 LME copper positions distribution: Spot / August 18th 11576 -1268 August 19th / September 15th 35145 +351 9 Month 16th / October 20th 48488 +177 October 21st / 3 Month period 27078-50 November + 7072 +673 December 1st / 63nd Month 40780 +222 LME Copper Inventories Distribution: (in tonnes) New Orleans 66625 -600 Total -600 Deregistration of warrants 11325/-475 Another: Aluminum write-offs warrants 113750/-5300 LME Copper Options Quotes Knock-in-the-month Volatility Call Options Swap Options Open Positions Copper September 2900 23.86 65.99 --- 60.00 --- 2371/2313 October 2875 24.94 112.78 --- 106.80 --- 2772/4498 November 2850 25.11 134.63 --- 134.63 --- 2892/2742
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