London, September 7: The London Metal Exchange (LME) base metal futures all fell except for period tin, with selling pressure rising in the end of the intra-period trading period. Copper bulls and aluminum futures led declines. Copper traders look forward to copper trend. The goldfish are clear to determine the direction of investment.
The three-month copper futures closed down $13 at late afternoon trading, at 3,632 yuan per ton, and was located on the higher side of the trading range of 3,625-3,677.
A trader stated that “the emergence of a wavelet to clear speculative positions in the venue. Copper is currently in key areas. If the period price does not recover soon, there may be more selling pressure. However, given that the fund is funded and willing to buy With an instalment period, copper may rebound."
Another trader pointed out that "from the technical perspective, copper is very bullish, but from a fundamental perspective, prices seem high." He also said that the price decline may be supported by the consumption of buying stocks to supplement.
The spot/three-month copper inverse spread narrowed to $182/185 per ton, and Tuesday was above $200.
Three-month zinc bears selling pressure, down $17 to 1,374 per ton. The transaction was divided into an inverse spread of $2.00 at noon on the Ming/Sunday trading day, away from the $3.50 limit imposed by LME on Tuesday. Spot/three-month zinc showed a positive spread. 8.50/10.50.
Traders said zinc prices fell as fears about metal zinc in the New Orleans warehouse slowed. Analysts said rebuilding in New Orleans may help support metal prices, but Analyst Moore of the Netherlands Bank pointed out that the market is increasingly Concerned that this heavily damaged city will produce a large amount of scrap metal, which may suppress the price of metal.
That is, the date of aluminum trading is more active. Traders said that if several energy sources continue to maintain high prices, global aluminum production capacity will further decline.
Three-month aluminum fell from 1,859.5 US dollars per day on the previous day to 1,852. Three-month lead fell by 10 US dollars to 870 per ton. Three-month nickel fell by 300 US dollars to 14,500. Three-month tin rose $25 to 6,950/7,000 per ton.
Moore pointed out that "nickel inventory has more than doubled from the low level in May." He said that China's nickel imports are declining. "(China) net import of nickel was 1,579 tons in July, a 17-month low, and 6,322 tons in June." ."
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