The London Metal Exchange (LME) base metals futures fell across the board on Thursday, with speculative selling pressure on market sentiment.
"There was a selloff in copper, and after a break below $3,600, it triggered a stop order. The fund sell-off ordered copper pressure," a trader said.
Three-month copper MCU3gt; once fell to about 3,565 US dollars per ton, after a partial rebound, in the evening market composite trade closed at 3,590, fell 42 US dollars the same day.
Traders said that the poor technical picture suggests that copper may fall further and that the downside target will be near the recent low of 3,540/3,550.
The market expects that LME inventories in Asia may increase in the next few weeks, which will dampen sentiment. However, European traders expect inventory to decline again because consumers will use their previous stocks when spot copper prices are high in August. Copper in the warehouse.
Copper stocks at LME on Thursday were 71,025 tons, which was a decrease of 150 tons from the 10-month high of the previous day. The reverse price difference between spot and three-month prices was 167/180 USD, and slightly higher than 180 USD on Wednesday. Week's $250, because the period of tight supply is over.
Aluminum was also speculatively sold during the ** period, and other metals were downtrend **
Three-month aluminum MAL3gt fell $15 to $1,838. Traders said that "the situation of aluminum is similar to that of copper, and other basic metals follow the downward trend."
The three-month zinc price dropped by $3 to $1,371 per ton, and the market's worries about New Orleans warehouse inventory are fading.
"People are less worried about this issue. Many of the stocks there are safe. The main question now is when normal delivery will resume."
The three-month nickel MNI3 fell by 75 U.S. dollars to 14,425/14,450 U.S. dollars; three-month lead lt; MPB3gt; declined by 7 U.S. dollars to 863 U.S. dollars; three-month nickel tlt; MSN3gt; fell by 140 U.S. dollars to 6,800 US dollars.