Reuters commentary (8-9) LME market: Base metals mostly closed lower on Monday and were hit by fund sales. However, traders said that nickel was up with strong fundamental support. A trader said, “At the beginning of the day, the fund was Under the selling pressure, copper has led most of the base metals to weaken. "The trader said," This triggered some stop-loss selling and prompted Asian investors to sell further, and later the New York Mercantile Exchange (COMEX) did not move. It can provide support." Due to the weak performance of the recently released economic data of the United States, and the uncertainty of the U.S. Federal Reserve Board's (FED) view on interest rates, which triggered the fund's closing activity, COMEX copper fell to 12 days. Point. A COMEX trader said, "The fund was put into the market earlier to sell. This is related to the U.S. economic situation, US stocks tumbled last Friday and the soaring oil prices and other factors." Traders said Monday's fund selling activities on copper, lead and period Zinc hits heavier and drags down basic metals other than nickel. "LME copper: three-month copper closed at $2,720 per ton, down $64. LME aluminum: three-month aluminum closed at $1,665 per ton, $19. COMEX Copper: Copper Monday Low, near 12-day low, as the market worried about high energy prices and weak US economic data, plus the Fed’s interest rate hike soon, stimulating the fund to sell in London and New York copper markets. Indicator 9 The monthly price was approximately 3.65 cents or 2.7% lower at 1.2415 US dollars per pound, and the intraday trading range was between 1.2840 and 1.2310. The latter was the new low since July 28. The spot price fell by 3.65 cents in August. At 1.2455 pounds per pound, the most active December contract closed down by approximately 3.00 cents to 1.2310. Traders said that the funds closed the session of copper, as rising energy prices added to the market's anxiety about the speed and breadth of global economic recovery. According to the division, “part of this was attributed to technical factors, as the London Metal Exchange (LME) copper fell below US$2,750 per ton. In addition, the current crude oil price is higher at US$44.92 per barrel, and copper continues to be under pressure as people rethink the global economy. "He also said:" The US dollar was hit hard on Friday, but it is not helpful to copper prices. This shows that speculators realize that high energy prices will affect everyone and that copper prices are not a good thing. So I think they The position will be more neutral for the time being." But the market Sources said that the decline in LME and COMEX copper inventories should help support copper prices. LME copper stocks fell by 975 tons to 83,050 tons on Monday, and COMEX stocks dropped 779 short tons to 74,759 short tons, which was lower since January 2001. The transaction volume of COMEX was estimated at 17,000, which was boosted by the fact that the September period was about to extend to about December.
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