LME Market Report --- Copper futures closed lower, counter-offer spread narrower and technical resistance. Copper on the London Metal Exchange fell on Monday. In the early morning, it hit a four-month high, but the uptrend reversed in the afternoon. Traders said that the copper's early rally has suffered a technical upside resistance, and the spot/three-month inverse price gap has also narrowed from the early $100. A trader said, "the period of copper is overbought at a high level, and the narrowing of the inverse price gap also weakens the copper during the period." Spot and three-month copper reversed the spread at $68/73 late, and three-month copper closed at $2,830 per ton. , compared with the closing price of the composite transaction on Friday night fell 23 US dollars. A fund source said, "The poor closing level will not arouse the interest of the fund. We originally expected the price of copper to remain above $2,860." Large-scale funds are now paying more attention to the energy market and bond market. Earlier boosted by CTA short covering and industrial buying, copper prices triggered 2865 stop-loss buying and rose to 2885/90 high. Dealers said that the level of around $2,890 is hard to exceed, and copper may need to fall further before it reaches 2,900. Other base metals were mixed, but after three months of tin exceeded US$9,000/ton, it triggered short covering and stop-loss buying to close at 9,175. The three-month nickel rose by US$200 to close at US$13,550/565 per ton, but the transaction volume was modest; the three-month aluminum only soared by US$1 to 1,729 per ton. Three-month lead and zinc were unchanged at 870 and 1,002 U.S. dollars, respectively.
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