Metal Daily Review: Copper: Downward Adjustment of Aluminum: May Meet Resistance

Metal Daily Commentary: Copper: Downward Adjustment of Aluminum: May Meet Resistance Inventory: LME Stock Copper Aluminum 4150 Shanghai Lun today's data: Opening high Low closing volume Open positions increased or decreased London copper 2782.5 2790 2757.5 -1763 Shanghai copper 118278 -14 Shanghai copper 120260 -4082 Opening highs lows closing volume Open positions Volume increases or decreases London March 1733.5 +5721 Shanghai Aluminum 42696 -218 Shanghai Aluminum 18318 +146 Market News: Foreign exchange market: The US dollar has not fallen below 1.24 to 1 Euro on the fourth day this week, and demand has increased. . On Tuesday, the United States announced an unexpected drop in consumer prices in July, the dollar fell to 1.2389 against the low of 1 euro. Although this week's economic report is not good, it is not bad. These data show that the U.S. economy is still expanding. As market fears of further attacks by Shi’ite Muslim leader Moqtada al-Sadr’s supporters on Iraq’s crude oil facilities declined, NYMEX crude oil futures prices closed down from a record high on the 20th. NYMEX 9-month crude oil prices closed down 95 cents, or 2%, to $47.75 a barrel on the 20th, after hitting an intraday high of $49.40. LME Copper: Prices of base metals on the London Metal Exchange (LME) closed lower on Friday, as investors took profits to curb the market. Profit taking triggered a decline in copper futures, other base metals trailed lower and technical selling pressured nickel, but the price of tin futures with strong reverse spreads rose. Traders are still concerned about inventory conditions, copper stocks increased by 30,000 tons on Wednesday, but stocks did not increase further as traders expected. However, investors still expect LME inventories to rise further in the near term, which makes the market nervous and causes rallies to sell. LME Aluminium: Aluminium is supported by market fundamentals, and labor disputes in a Canadian aluminum plant owned by Alcoa continue. The union said on Friday that government mediators assisting Alcoa’s Becancour aluminum plant negotiations will spend more time to determine whether the company and the union should meet again to end the six-week strike. There are still major differences between the two parties. Technical solution: Shanghai copper main contract 0411 has been in the early morning price 26520 yuan / ton in the vicinity of the shock, but the tail market appeared a wave of killing trend, closing 100 yuan at 26,420 yuan / ton, today's Shanghai copper trend reversed last week revised The trend of reverse spread. Continuing to maintain the trend of consolidation in the vicinity of 26,500 yuan/ton, it has still not been able to go out of the obvious direction. Due to soaring oil prices and fast-rising assets such as gold, copper prices have received considerable pressure, but the downward speed is still very slow. It still needs to be linked to various economic factors such as the US dollar and oil. Copper will definitely be oriented in the general trend. However, whether the short-term volatility due to the weakness of the US dollar and the continued reduction in inventories is still unknown. Copper remains volatile within the 2750-2850 range, and it has not been able to form a breakthrough trend in the short term. Shanghai Aluminum's main contract 0411 continues to be affected by the aluminum strike in the United States today. It finished higher at the end of the day and closed at RMB 16,160/ton, breaking the strong resistance at RMB 16,100/ton. However, in recent years, the aluminum price has risen by more than RMB 1,000/ton. Along the upper track of Brin, there is a tendency to wear out. The short-term has a certain callback requirement.

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