2004-8-19 Metal Daily Commentary Stocks: LME Inventories ▲30925 33100 Shanghai Lun today's data: Opening highs Lows closing volume Open positions increased or decreased London copper 2787 2787.5 2742.5 -272 Shanghai copper 120966 -3926 Shanghai copper 119418 +6 Opening highs lows closing volume Open positions Volume increases or decreases London March aluminum 1719.5 -9543 Shanghai aluminum 43888 -4062 Shanghai aluminum Market news: Foreign exchange market: The decline in European inflation data has added evidence of slowing economic growth in the region. The euro has fallen against the US dollar and the yen. The declining demand in Europe made it impossible for the business community to pass on rising energy costs. In July, consumer prices fell for the second consecutive month. The euro fell from a four-week high yesterday. The report shows that German investor confidence has fallen to a lower level in a year, putting pressure on the euro. NYMEX September crude oil futures settlement price rose 0.52 US dollars to 47.27 per barrel, earlier hit a record high of 47.39 US dollars. NYMEX crude oil futures have risen 10.35 U.S. dollars, or 28%, since the end of June, compared with a year ago levels have risen 16.51 The US dollar or 53%. High oil prices will likely have a relatively large impact on the global economy, especially the Chinese economy that has not completely established hedging measures. LME Copper: Traders said, "If copper stocks continue to increase, I wouldn't be surprised. China bought too much copper earlier this year and it is clear that they have accumulated a lot of copper." Copper stocks increased by 35%, LME Inventories in Singapore increased more, with an increase of 21,600 tons as some unregistered warehouse orders were registered. Man Metals said in its daily report that “the impact of increased copper inventories on the market is more psychological.†Man also stated that "What surprised the market is that the inventory of spot copper in Asia is so high." European spot trading sources said that the new registration of warehouse orders is to hedge short positions, and it is expected that the registered warehouse receipts will increase. Market rumors Thursday There are 20,000-2.4 million tons of copper in storage. Technical solution: After the Shanghai copper main contract 0411 began to fall today, there have been pressure to emerge, but always can only keep the copper price down, not enough to suppress the copper price to the limit position . The market closed lower at 26,350 yuan/ton. Today's copper prices were affected by the 30,000-ton increase in London's copper stocks yesterday. The market has seen a long period of reverse price spreads in the period before the correction. The spot month was hit by heavy selling pressure and once fell to the limit. Currently, there have been some bullish signals in London and the domestic market. The market outlook is worth paying close attention to the further trend of copper and take the opportunity to sell short. Shanghai aluminum main contract 0411 after the morning's early gains, after hitting the previous day's strong resistance at 16,000 yuan / ton, affected by the rapid decline in copper and down, the end of the market closed at 15,860 yuan / ton, breaking the previous two days of strong resistance yuan / ton, today Higher at RMB/ton. Date: 2004-8-20
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