LONDON, October 26: The London Metal Exchange (LME) base metal fell back on Wednesday afternoon, leading the decline of the period of copper diving due to sell-off, compared with the end of the day fell 100 US dollars. Copper futures fluctuate within the new relatively wide range of $3,988-3,908, indicating that investor nerves are tightening as the options (options) mature and approach the end of next week. Some traders said that there was no new news to judge the volatility, but this decline showed changes in copper positions and market sentiment. A trader said, “The copper was sold after it failed to rise, and other metals also fell... Seemingly there is resistance in the $3,980-4,000 range.†Three-month copper closed at $3,915 a tonne, down from 3,945 on Tuesday's composite transaction. The trader said: "The current trend is very unpredictable and many people are watching." However, some other traders said that copper prices may again test the record high of US$4,018 last week, even though the market conditions will continue to fluctuate until the option expires next Wednesday in November. Another trader said, "Each time after the move, options traders have to continue to buy, and after falling like last week, they have to sell. It's a nightmare." There were 2,979 hands of strike options at $4,200, and at 3,800 there were 2,782 contracts. The November contract is currently quoted at $4,100, but the open interest is less. In the weaker market, the delta for 4,200 options The hedging operation was lifted (sold); when it rose, delta hedge buying appeared. Fundamentally, stocks fell again to provide support for copper. Copper stocks fell again by 1,975 tons on Wednesday to 62,825. Three-month zinc hit an eight-year high of $1,540, which was affected by news of force majeure by Australian lead-zinc company CHB Resources, but zinc failed to consolidate this high and then weakened. , closed at 1,510, fell 10 US dollars; three-month lead closed at 968, fell 11 US dollars. Three-month aluminum failed to rise to the $2,000 resistance level, slipping $22 to finish at 1,942, falling below the 1,950 technical support level. In early trading, new commodity trading fund buying stimulated aluminum prices to rise to $1984/tonne, compared to copper futures. Consistent strong early morning, but it fell back near the close. Aluminum prices fell by 11 dollars. The three-month tin also weakened to 6,100/6,125 U.S. dollars, yesterday at 6,175/6,200. The three-month nickel climbed 75 U.S. dollars to 11,825, following a slight correction after the recent decline. Support is around 11,700.
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