LME Market Overview: The London Metal Exchange (LME) base metals futures prices mostly closed lower on the 27th. Three-month nickel continued to fall, reaching a low of $14,337.50, down 15% from the beginning of June. It is expected to continue to move lower with support at USD. Three-month copper was in a narrow range throughout the day. Spot/three-month copper premium is $262. Traders said that on the 27th, LME copper inventories fell by 825 metric tons to 31,275 metric tons, and supply tensions are expected to continue. Some investors believe that LME inventory data does not truly reflect changes in the spot market. According to the International Aluminum Association, aluminum inventories rose by 113,000 tons to 3.278 million tons in May, putting pressure on the market. Expected support at $1,740 and resistance at $1,775. After the three-month tin rose sharply on the 24th, it caused hedge fund sales to close lower. COMEX Copper: Senior copper on the New York Mercantile Exchange (COMEX) closed higher on the 27th. July copper rose 50 points to close at 159.80 cents/lb, which was 158.40 cents lower and 160 cents higher throughout the day. Analysts said that most investors choose to clear the July contract and hold the September contract. Excluding the fact that stocks continued to decline, the fundamentals did not change. September contract support is expected to be 153.80 cents and resistance at 156.90 cents. On the 27th, LME copper stocks fell by 825 metric tons to 31,275 metric tons. On the 24th, COMEX copper inventories rose by 3 short tons to 15,380 short tons.
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