Reuters Review (9-28)

LME market: Traders said that the London Metal Exchange (LME) base metal closed lower on Tuesday, weighed on by the profit-taking that emerged before the end of the quarter. In addition, a LME trader said that the LME electronic trading platform encountered earlier that day. Technical problems led to slow delivery. He said: "In the morning there was a period of time when we had to use the old methods of work to contact us by telephone. It seemed that we had lost contact. We did not know exactly what was happening on the court." LME Copper : Three-month copper fell to US$2,936 per ton, Monday evening composite trading closed at 2,953. Spot/three-month spreads depreciated to 104/107, Tuesday's Noon reported US$120. LME copper stocks continued to decline, Tuesday's inventory decreased by 450 t. LME Aluminium: Three-month aluminum fell by $21.50 to 1,791. Inventory doubts weighed on the market. One trader hinted that aluminum stocks may increase by 40,000 tons. LME aluminum stocks increased by 700 tons on Tuesday. COMEX Copper: New York Commodity Futures Copper futures on the Exchange Exchange (COMEX) closed modestly lower on Tuesday, after entering a new six-month high recently, entering a correctional profit-taking stage. “Today trading has entered a correction phase. The trading situation for the rest of the week may be Deciding what the market will be in the next few weeks Where to go. If you fall sharply, you may be caught in a major correction phase; but if the market lingers here, then this may be just another pause before the sharp rise. "A New York copper trader said. Indicator December copper fell 0.85 cents to close at 1.3695 US dollars per pound, trading range was between 1.3585-1.3820. September spot copper fell 0.75 cents to close at 1.3780 US dollars per pound. The rest of the month contract fell 0.85 -0.05 cents.COMEX copper forecast volume of 14,000.

Posted on