LME Market: The London Metal Exchange (LME) base metals showed a range consolidation trend on Thursday, but following the exchange rate changes triggered by yesterday's fund selling, the trend remained fragile. The majority of base metals fell slightly, trading volume slumped. Three-month copper rose slightly. US$6 to close at 2,871 per tonne. One trader said, “The copper futures are stabilizing today. Small technical corrections may still appear in the next few days, but from a longer-term perspective, strong fundamentals make copper prices more likely to rise.†Copper On Wednesday, it fell more than 3%. Copper decreased from stocks. Copper stocks fell 125 tons to 57,100. Relative to the recent impact of the exchange rate on the futures market, the exchange rate received less attention today. The dollar held steady against the euro. Analysts said that the base metals may continue to decline because the market stocks a large number of long positions, and profit-taking sales may also occur before the end of the year. However, solid fundamentals and the dollar are expected to continue to decline and should curb declines. The focus of attention is mainly on Asia, especially China’s economic growth. The region is expected to have strong demand for industrial metals. China’s good demand has prompted Japan’s Sumitomo Metal Mine on Thursday. An increase in production plan was put in place. Most other metals ended lower and Zinc was roughly flat. LME Copper: Three-month copper rose slightly by US$6 to close at 2,871. LME Aluminum: Three-month aluminum fell by US$18 to each Ton 1,785, support level followed by 1,780 and 100-day moving average entry point around 1,760. COMEX Copper: Copper futures on the New York Mercantile Exchange (COMEX) closed slightly higher on Thursday, rebounding from earlier losses. March contract plate in recent months In the past, it hit a six-week low, followed by speculative and trade buying, which encouraged the market to rise. An insider said, “The support of the $1.30 line seems to be quite good. Speculators may not have the same position in copper. This is helpful, as is the case with other metals. The market has recently been affected by the trend of the US dollar and the US dollar appears to have a weaker sign in the middle of the session. This gives speculators incentives to enter into the market to do more. " The more active March period is about It closed 0.3 cents higher at $1.3185 per pound. The intraday trading range was 1.2990-1.3280. The spot December price rose by approximately 0.35 cents to $1.3790. Copper trade volume was estimated at only 10,000.
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