London, November 11: The London Metal Exchange (LME) copper futures ended at a record high of US$4,105 per tonne on Friday. Driven by the strong buying of funds, investors did not attach importance to China’s copper sales and focused on supply shortages. situation.
Three-month copper closed at $4,105 per ton, a sharp increase of $97 from late Thursday.
A trader said, “This is a pretty good ending for the beautification of the fund. There may be some buying interest on Monday, but the copper may be adjusted to 4,040 before it goes higher.â€
He also added that the technical outlook remains bullish, but overall the copper gains are a bit too high and too fast.
Dealers said that the State Reserve Bureau of China unscrupulously promoted its plan to sell some of its copper reserves to depress the price of copper, but investors did not believe it.
The State Reserve Bureau said on Friday that it holds 1.3 million tons of copper, but market watchers originally believed that the State Reserve Bureau holds about 200,000 to 400,000 tons.
"The SRB apparently tried to verbally reduce the price of copper and it was not very smart. It was a failure," said Macmillan, an analyst at Bache Financial. "I don't think their stocks are so much at stake."
LME copper stocks fell by 1,100 tons to 65,350 tons on Friday, and spot copper rose to an all-time high of 4,271 dollars per ton.
"China has announced that it will sell a large amount of copper futures and intends to deliver these short positions, but the market does not appreciate it," said Numis Securities analyst Mel.
Traders noted that Chile lowered its copper production forecast for next year, which will support the already-stressed copper market.
Three-month aluminum also followed the copper price rally, hitting a 10-year high of $2,058, and closed at $2,025.50 on Thursday.
The three-month zinc trade hit an eight-year high of $1,612 to close at 1,608, up $16.
Macmillan said, "The fund is still bullish on zinc, aluminum prices are at new highs, but the volume of the two varieties is not so big. The aluminum fundamentals do not support the current price... There is a lot of explicit inventory, and it feels great The number of unreported stocks."
Lead increased by US$11 to 992. Tin fell by US$45 to 6,230. Nickel fell by US$20 to 11,850/875.
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