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Reuters Review (1-26)
LME Market: The London Metal Exchange (LME) base metals closed higher, boosted by technical aluminum and copper futures gains. One trader said: “Today's technical factors dominate, aluminum futures lead the market, first to break through, Then it rebounded. "A weaker U.S. dollar and rising oil and gold prices also contributed to the movement of the underlying metals, suggesting that investors' interest in commodities has not diminished. Although reverse spreads have triggered spread trading, overall trading volume remains low due to technical indicators. Neutral market conditions dull. "In addition to the upward trend in zinc, the other metals are range volatility." Dealer said. Three-month aluminum plate fell to $ 1,790 per ton earlier, compared to December 13 Low, but continued to gain support near the low, reversing the decline. Aluminum futures eventually rose to 1,834 US dollars, higher than the closing level of 1,807 on Tuesday. Copper trend similar to aluminum, once hit a low of 3,022.50, but this wave of decline and Not lasting, most of the time in the plate is above the flat plate. The spot/three-month reverse spread is $168, which is higher since last April and has increased by about 30% since the beginning of last week. Three-month copper closed up by $20 To 3,074, but still far below the high of 3,120 on Monday. : Copper futures on the New York Mercantile Exchange (COMEX) closed modestly higher on Wednesday. Traders said that the weaker US dollar and copper futures basically provided good support for the market. A trader said, "Global GDP of some countries in the world (GDP) The data is stronger than expected, such as China and Russia. In addition, the exchange does not have new (copper) supply. There are few long positions. I think there are many short positions in the field. He also pointed out that the uptick of copper may make copper prices. Fast-rising. The March copper futures closed 0.65 cents higher at 1.4355 US dollars per pound with a trading range of 1.4120-1.4370. The spot month rose by approximately 1.20 cents to 1.4855 U.S. dollars for the spot month, and closed at a high of 0.20 points for the remaining months. From 1.05 cents, COMEX volume was estimated at 10,000, compared to 9,295 on Tuesday.