Reuters Review (9-21)

Reuters commentary (9-21) LME market: Aluminum futures and copper futures closed at a five-month high on Tuesday, benefiting from fund buying. Three-month aluminum prices rose $49 to $1,802 per ton from 4 Since the 21st of the month, it has risen; the three-month copper has risen to 2,900 from the US$2,849. One trader said: "The main reason is that the fund buying has driven, but the technical factors are also good." "Aluminium buying has triggered copper buying Hing. Then there is a stop-loss order. Due to current fund and technical potential, futures prices may rise further." Man Financial analyst Mel said: "Aluminium looks very strong. In recent days has broken through several major technical points. A number of funds entered the market," he said. "The progress of the strike at the copper and aluminum plant has not been smooth, which has helped the market." Dealers said the fund bought about 12,000 aluminum contracts on Tuesday, usually about 2,000 Traders said analysts’ bullish comments on future aluminum prices at Oslo’s aluminum industry conference also brought support. The market is focused on the interest rate decision announced by the United States at 1815 GMT. It is expected that the Federal Open Market Committee (FOMC) will Raising 25 basis points. COMEX Copper: Copper futures closed nearer the five-month high on Tuesday In the case of very low base metal inventories, fund and technology buying boosted the recent gains. Although the low level of inventory is the driving force of this wave of gains, the lack of progress in copper labor negotiations and supply tight The rise in China's metal prices also helped the long-term price rise. December copper rose by 2.20 cents per pound to close at $1.3415, which was higher since April 25. The intraday trading range was between $1.3120 and $1.3495. The estimated trading volume reached 18,000, up from 9,771 on Monday and the open interest increased to 82,542. Spot September copper rose 2.25 cents to $1.3415.

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