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Reuters Review (12-13)
LME Market: The London Metal Exchange (LME) copper rose about 2% on Monday, driven by technical buying and short-covering buying, but the metal market is still prone to corrective movements. The US dollar rebounded last week, and base metals and precious metals were hit. .LME three-month copper hit a low of US$2,853 per ton last Wednesday, and today’s late-night composite trading price rose by US$67 to 2,970 per tonne. One trader said, “There were some Technical buys triggered short-covering buying in subsequent intra-equity trades, which was also supported by a weaker US dollar. "Another trader said," It is expected that the market will fluctuate within the range of $2,920-2,980 in the next few days. However, it will be under pressure again. "The copper spreads have expanded again on Monday. The reverse price spread between the spot and three months is about 125/130 U.S., and it was 107.50 at the end of last Friday. LME copper stocks were reduced by 650 tons to 55,325, which also constituted the market. Support, which is the low level since July 1990, when inventory fell to 46,450 tons. However, analysts believe that solid demand and tight supply conditions will keep the metal prices firm in the coming months. The weak US dollar also expected Will provide support. USD Most of the major currencies weakened on Monday. Investors' lingering doubts about the United States' double deficit are still lingering. Copper's strength also pushed other metals higher. Three-month aluminum rose 26 US dollars at 1,812. COMEX Copper: New York Mercantile Exchange (COMEX) Copper futures ended sharply higher on Monday as short-covering buying triggered a series of stop-loss orders, triggering a technical uptrend. Indicators rose by approximately 2.90 cents to end at $1.3565 per pound in March 2005. The trading range is one week high. Point 1.3640 to 1.3275. Pioneer Futures analysts said, "Today's opening is based on technical trends. (March contract) early break 1.35 US dollars after the test 1.35 region, many market participants believe that the region is an important resistance. The price quickly broke through this resistance level, triggering some stop-loss orders and pushing higher to rise to 1.3640. "The spot December copper closed higher by 3.45 cents to 1.4360 US dollars per pound. The rest of the month closed by approximately 2.50-3.35 cents. Etc. The aforementioned analysts expect that the March period is expected to rise to the 1.3750-1.40 line before the end of this week. The estimated copper volume is only 7,000.