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February 2 Early Metal Review
Copper: LME copper failed to break through 3,100 U.S. dollars per ton after a continuous multi-day shock yesterday, and fell back to below 3050 U.S. dollars per ton. The recent rise in spot premiums has also fallen back to US$171/ton, which has exerted considerable pressure on the future of copper. Coupled with the continuous increase in inventories, LME copper is likely to experience a substantial decline after the squeeze. Therefore, investors should pay attention to risks and reduce their long positions. Shanghai Copper has recently shown a stagflation trend, and it will likely fall quickly today under pressure from the LME. Aluminum: Although LME aluminum was affected by the fall in copper, it did not show excessive decline. The continuous decline in inventories provided a good support for them, but the lack of cooperation in positions was the reason that aluminum could not really rise. Due to the pre-holiday effect, it is difficult for Shanghai aluminum to fluctuate significantly. Even after the holiday period, due to the delay in resuming work, it is not ruled out that Shanghai Aluminum may further investigate. Date: 2005-2-2