Reuters commented on May 18

LME copper: base metal futures prices closed higher on Wednesday, while copper was boosted by dips on bearers boosted by approximately 1.5%; nickel also rebounded despite significant increase in inventories. LME three-month copper overnight composite trading closed at US$3,050 per tonne, compared to Tuesday The closing price rose 44 US dollars, or about 1.5%. Standard Bank analyst Baer said, "The relatively weak US dollar, which is the main reason for the increase in copper during the boost, while the bargain hunting and short covering occurred when the price dropped by 10% from the high Supporting copper prices." "From a technical point of view, the closing is good. However, more efforts are needed to continue the upward trend." He also added that the price of copper needs to stay above $3,050 before it is expected to rise above 3,100. The US dollar weakens against the euro. Previous reports from the U.S. government showed that core inflation was lower than expected in April, which made the possibility that the Federal Reserve Board (FED) will raise interest rates more actively. The U.S. inflation data will help improve the copper fundamentals. Traders said that the more optimistic economic outlook in the United States reflected by the Consumer Price Index (CPI) helped to improve the fundamentals of copper. British businessman Barclays Capital International stated that "users and exchanges' refined copper inventories are still very low. At the same time, the copper demand data for the second quarter appears to be more optimistic and consistent with seasonal demand. Users should use the opportunity of falling prices to buy. "Copper prices have fallen more than 10% from the record high of $3,336/38 hit in mid-April. %, as fund and speculators clear their positions as supplies increase. Vice President of Sempra Metals Group said on Wednesday that commodity prices, especially copper prices, are obviously too high, but due to high oil prices, commodity prices may fall to a more realistic level. . LME copper stocks fell 775 tons to 53,400 tons, still close to historical lows. LME Aluminium: Three-month aluminum rose by US$10 to US$1,744, while aluminum stocks decreased by 2,375 tons. COMEX Copper: Copper closed sharply higher on Wednesday, reversing the fund's massive liquidation trend since March 10, and traders said technical short covering and moderate consumer price index (CPI) implied strong demand boosted copper futures. Buying first emerged in the previous Asian market and continued into London trading hours. The dips on the dips seemed to buy at the current low. Following a steady round of consumer buying on Tuesday, traders said other market players needed to Make up for its short position. After some speculators digested the implications of moderate inflation data and the more optimistic US economic outlook depicted in the report, the rally continued. One trader said, “Today is a short covering to correct the market conditions. Yesterday there was a consumer buying, I think the market is willing to sell it. I think the copper gradually gain a solid footing, short covering in the field. But largely due to technical reasons. "Index July copper closed up 2.75 cents , $1.3760 per pound; intraday trading in the interval 1.3460-1.3780. On Monday the contract hit a three and a half month low of 1.33. Spot month May contract rose 3.25 cents to $1.4660 per pound. Other contracts closed up 1.95 to 2.95 US Inequality, trade volume, copper futures volume in COMEX copper futures was estimated at 18,000 on Wednesday and 12,673 on Tuesday. Some traders said that the impact of recent fund selling seems to have come to an end, but it is unclear whether the fund will soon enter the market to buy Back to copper. Date: 2005-5-19

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