The LME market: The London Metal Exchange (LME) base metal fell out of its earlier low on Thursday, as bargain hunters appeared to reduce the decline. One trader said: Today's trading was busy and it started from the beginning. The transaction volume is very large. Now, we see some buying come into play, and the daily write-offs are covering short positions. As of 1600GMT, the trading volume of the six primary metal contracts of LME in the electronic trading system has exceeded 731,000 tons. Earlier, The benchmark three-month copper fell to an eight-week low of $3,110 per tonne, which was $228 or 6.8% lower than Tuesday's record high of $3,338. It ended lower than Wednesday's close of $51, or 1.6%, to $3,142. Funds today A large number of settlements led to a sharp decline in the base metals market. Traders said that the market may fall further. The base metal prices suffered heavy losses in October 2004 and January 2005, but both rose strongly and set new highs thereafter. Sellers are predominantly fund-based, and the market is increasingly worried that speculators will sell large sums of money. Speculators have been investing their funds in the commodity market for the past 18 months. This is a large-scale shakeout... it has caused damage to the market, but From the macro From an angle of view, it has been too long for prices to remain at too high a level. One source said that this wave of decline will change the overall cyclical performance of the market? No. It is now an opportunity to buy base metals. Diapason Commodities Management Partner Luo Bell said. The decline in LME helped boost physical cargo demand, but the Shanghai Commodity Futures Exchange spot monthly contract fell on Thursday. Traders said that the market is waiting for the Shanghai market to release inventory data on Friday and will also observe the dollar against the week. 5. The reaction of data on US capital flows that emerged from the United States showed that most of the other base metals followed copper futures lower. Three-month zinc fell by 46 US dollars, or 3.5%, to 1,256, which hit a low of 1,232.5. The monthly lead contract closed down 14 US dollars at 919 US dollars. It once hit a low of 887.5 since January 14th. The three-month nickel closed higher at 145 US dollars to 15,420, which was supported by the inverse price gap between spot and 3-month periods. • Three-month tin fell by 50 US dollars to close at 8,000. LME copper: Copper futures closed below the 3,110/3,120 range, and the key 100-day moving average also crossed the region. If the period of copper fell below the moving average entry, it may fall further. 3,000 US Below. LME Aluminium: Three-month aluminum fell by US$25, or 1.3%, to US$1,860 with a volume of more than 310,000 tons. It earlier fell to 1,842.5, which is lower since February 14. COMEX Copper: New York Commodity Futures Exchanges (COMEX) copper closed sharply lower on Thursday and the fund continued to sell copper. The International Monetary Fund (IMF) forecasts that the US economy will grow at a faster rate than the EU and Japan, triggering a sell-off of dollar-related funds, leading to a sharp fall in copper prices. Alaron Trading Metals analyst Meg said that indicator May futures copper closed down 3.10 cents at 1.4285, after falling to a two-month low of 1.41 US dollars. May's copper fell sharply from Tuesday's high of 1.5360. The spot was first seen since March 1989. Copper reached a record high of $1.6065 in December 1988. Spot copper fell by 2.95 cents to $1.4455 per pound in April April. It rose to $1.55 higher on Wednesday. The Far-month contract closed down 2.55-3.10 cents. The estimated trading volume today is 26,000, which is lower than the 38,048 on Wednesday. Source: Reuters
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