LME Market: Copper prices on the London Metal Exchange (LME) closed higher on Wednesday. Traders said factors such as weaker US dollar and tight supply stimulated buying. Copper fell sharply on Tuesday in the Asian market. Today's rebound in the LME rose above $3,000 per ton today. The 16-year high hit above $3,100 last month is now the next level of resistance. A trader said, "LME stocks have steadily declined, keeping copper prices firm for some time, and today's lower dollar has further strengthened its gains. "The Other trader said," Today is actually completely affected by the trend of the dollar, and returning to $ 3,000 also attracts fund buying. " Earlier release of US economic data also induced buying, but its impact on the market. Still weaker than the U.S. dollar and weaker fund buying. According to Reuters data, the U.S. dollar once again hit a new low of 1.3047 U.S. dollars against the euro. U.S. housing starts rose 6.4% in October, and industrial production rose 0.7% from the previous month. The market continues to focus on the huge current account deficit in the United States. The US dollar will remain under pressure in the coming months. The US government hopes that the US dollar will depreciate to curb the budget deficit. The market anticipates that it will not intervene. The market supports the US dollar. ** China's stock situation affects the market ** But the copper gains may be limited as investors remain cautious about potential changes in Chinese stocks. Rumors about China's State Material Reserve Bureau (SRB) may postpone the concentration of stocks Previously, there was a wave of profit taking in the Asian market. The SRB holds more than 30,000 tons of December copper bullion on the Shanghai Futures Exchange. Investors are concerned whether the SRB will take delivery, reduce long positions or rollovers. Until next year, the SRB still has a month to make a decision. The three-month nickel rose 250 US dollars to 14,440 US dollars. LME copper: three-month copper rose 81 US dollars to 3,025 US dollars per ton. LME aluminum: three months Aluminium gained 19 US dollars at 1,812 US dollars. COMEX Copper: Copper futures on the New York Mercantile Exchange (COMEX) closed higher on Wednesday, following the trend of overseas markets. Traders said that copper hit a one-month high as the US dollar/euro fell to a record low , and copper stocks further decline. A trader said, "may be more important factor is the euro's sharp rise, which makes the metal has been boosted. In addition, there is still a reverse spread, inventory decline, people think that yesterday's decline is a technical trend, based on On the other hand, it was still good. "The increase in US housing data was larger than expected, and the US industrial production increased significantly, both boosting copper. Many traders were short on Tuesday, but a large number of factors on Wednesday led to a sharp rise in copper. December copper closed up 4.15 cents. At $1.4105 a pound, it has risen to a high of $1.4115 since October 13. Spot copper for November rose 3.65 cents to end at $1.4555 a pound. Other monthly gains ranged from 2.75 to 4.05 cents. The estimated trading volume is 22,000.
Flattening Stone,Flat Grinding Stone,Whetstone Flattening Stone,Sharpening Stone Flattener
ZHE JIANG DONGYANG WEIWEI INOUSTY COMMERCE CO.,LTD , https://www.cnwwsy.com