LME Market Report: Copper shocks closed lower and nickel futures both fell

London, May 19 news: Traders said that the London Metal Exchange (LME) copper prices oscillated downward during the regular trading session on Thursday and saw it within the near-term range. Nickel fell, as stocks eased supply tensions Aluminum was also lower, but aluminum stocks did not drop sharply in the case of sharp increase in stocks, which surprised some investors. LME three-month copper overnight comprehensive trading closed at US$3,028 per ton, down by US$22 from Wednesday's closing level. Analysts said that after the plunge last week, base metals continued to gain ground, but it was difficult to return to the upper gear. “It is difficult to hold (yesterday) gains. Overall, from a technical point of view, the basic metal outlook Poor, the current market is still in a correction trend for the recent decline. "A base trader said. "The base metal must rise and then stick for a day or two before it can once again stir investors' interest." Three-month aluminum fell US$10, to 1,734 per ton, today LME aluminum inventories soared by 17,300 tons or more than 3% to 559,275 tons. “8,300 tons of aluminum entered the warehouse in Singapore, which is in line with the large number of imports from China,” said Barclays Capital International. "but more people The concern is that 11,900 tons of aluminum entered Antwerp, Belgium, which may be a sign of weak demand in the region." A trader said that the increase in aluminum inventories has little effect on prices because the market knows that there are already written warrants. Traders said that investment Also concerned about the nickel trend, LME nickel inventories increased by 780 tons to 7,176 tons, which was a relatively high level since mid-April, thus alleviating the severe shortage of supply in the market. Three-month nickel fell by US$225 to 15,975 in cash. The three-month futures inverse price spread fell to 675/700 U.S. dollars and it reached 1,200 U.S. dollars on Monday. Three-month lead increased slightly by 1 U.S. Dollar to 945. Three-month zinc declined by 19 U.S. dollars to 1,227. Three-month tin fell by 40. The US dollar was quoted at $8,050 per ton. London May 19 news: Traders said that the London Metal Exchange (LME) copper price oscillated downward during the regular trading session on Thursday and saw it within the near-term range. Nickel fell. The rise in inventories eased concerns about supply shortages; aluminum was also lower, but in the case of a sharp rise in inventories, aluminum did not fall sharply, causing some investors to be surprised. LME three-month copper overnight comprehensive trading closed at US$3,028 per ton , compared to Wednesday Plate level fell by 22 US dollars. Analysts said that after last week's plunge, the base metal continues to gain ground, but it is difficult to return to the upper gear. "It is difficult to hold (yesterday) gains. Overall, from a technical point of view Speaking, the outlook for base metals is not good, and the market is still in a correction trend for the recent decline. “A base trader said. “The base metals must go up and stick for a day or two before they can once again excite investors' interest.” Aluminum fell by US$10 per month to 1,734 yuan per ton. Today's LME aluminium inventories surged by 17,300 tons or over 3% to 559,275 tons. “8,300 tons of aluminum entered the warehouse in Singapore, which is in line with China’s large import volume,” Bucks said. Lai Capital International said. "But more worrying is that 11,900 tons of aluminum into Antwerp, Belgium, this may be a sign of weak demand in the region." A trader said that the increase in aluminum inventory has little effect on prices, because the market knows there is The dealers have written off warehouse receipts. Traders said that investors are also concerned about nickel futures. LME nickel inventories increased by 780 tons to 7,176 tons, which is a relatively high level since mid-April, thus alleviating the severe shortage of supply in the market. Nickel fell by $225 to 15 per tonne , 975. spot / three months futures reverse price difference fell to 675/700 US dollars, had reached 1,200 US dollars on Monday. three-month lead rose slightly to 945. three-month zinc fell 19 US dollars to 1,227. three months Tin fell 40 US dollars at 8,050 US dollars per ton.

Posted on