Reuters commentary (8-24) - LME market: London Metal Exchange (LME) copper fell below US$2,740 per ton after triggering technical selling on Monday, hitting a two-week low, and was late in the session on light trading. Speculative buying boosted. Traders and analysts said that due to the uncertainty of copper stocks, the market is generally nervous. Last week, nearly 40% increase in copper inventories caused copper prices fell by nearly 5% in two days. Analysts said that the dollar is strong It was difficult to get the price of copper out of the downtrend. Metals analyst Feinz of Mitsui Bussan said: "But more importantly, there have been rumors that copper has been registered as a warehouse receipt." After LME copper stocks soared by about 30,000 tons last Wednesday, The market has been worried about a sharp increase in inventories again. Inventories fell by 450 tons on Monday, triggering a short-term increase in copper prices, but Feins expects traders to be cautious about increasing inventory this week. LME copper: three-month copper evening market closed at 2,713 yuan per ton The U.S. dollar fell by 52 U.S. dollars compared with last night's composite deal. Today, it hit a low of 2,707.50 since August 9. Fiennes said: "The market sentiment is still bearish, but the liquidity in the venue is not enough." LME Aluminium: Three-month aluminum fell in the near-term range, down 24.50 USD to 1,709 per ton. Dealers stated that production companies sold aluminum at approximately US$1,740, but frequent supply problems and strikes have given aluminum prices a good downside support. COMEX Copper: Copper futures on the New York Mercantile Exchange (COMEX) closed Monday. At the 12-day low, speculation around the copper inventories, as well as concerns about the strength of the US dollar and high oil prices, triggered market speculative selling. Some market participants did not dare to hold copper long positions as the copper stocks were unexpected again. The increase in prices should cause the market to suffer. On Wednesday, copper prices plunged due to the increase in copper stocks on the London Metal Exchange (LME). In addition, traders pointed out that the rebound of the US dollar and the high price of crude oil also contributed to the price of copper. The pressure caused technical selling, as the market has fallen below the support level of $1.25 per pound. The more active December copper fell 2.50 cents to $1.2415 per pound, which is the lowest since August 11th. The intraday volatility ranged from 1.2675 to 1.2280. The September contract also fell by 2.70 cents to $1.2415; the spot price for the month of August was roughly the same at $1.2445. The estimated closing volume was 21,000, from September to the end of the month. December contract expansion boosts September issue Forward notice day for the next week ?? Source: China International Futures Brokerage Co.
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