London, November 1 news: The London Metal Exchange (LME) copper closed slightly unchanged on Tuesday and traded at an earlier trading session. Affected by short covering, it has recovered from earlier weaknesses and has no funds. Information promotes copper volatility.
The market was light, but the market showed volatility before dinner before the LME meeting.
The market has recently fluctuated within a relatively wide range of 3,800-4,000 US dollars, the market conditions are light, and trading in the LME annual meeting has become increasingly cold.
Three-month copper closed at US$3,905 per ton, which fell by US$7 from the closing price of the composite transaction on Monday evening and fluctated between 3,940-3,853 in the electronic trading.
Some analysts pointed out that when the market's declining momentum is accumulated, some investors will cover their positions. Short covering has led to new buying, which has led to stop-loss buying.
A trader said, "There may be some settlements in the next trading day, but the transaction may still be delayed because the fundamentals are still tight."
"We are trading cautiously today and the market conditions are light, but it is unlikely that any significant ups or downs will occur at the LME annual meeting tonight."
Prices rose slightly at the end of the session, as investors were more confident in the consumption of industrial metals after the US announced its better-than-expected October manufacturing index.
LME copper stocks are still at a tighter level of around 65,000 tons. Although stocks increased by 2,450 tons on Tuesday, spot premiums were reported at around US$170 per ton.
Traders said that the November options (options) expire on Wednesday. If the copper price fluctuates significantly, this may cause the market to be more volatile.
Another trader said, “The execution price of these options is between US$3,800 and US$4,200, and the November contract’s execution price is approximately 4,060.â€
The world’s largest copper producer, Chile’s state-owned copper company Codelco’s chief executive Juan Villarzu, said in an interview with Reuters on Tuesday that the global copper supply surplus in 2006 should increase to 300,000 tons, and the spot copper price in the next three years. Will fall to a more stable level of $2,200-2,400 per ton. [nCN5822383]
Three-month aluminum reported US$1,980 per tonne, down US$4, and three-month nickel reported 11,650, down US$350.
The three-month Zinc reported 1,531, down $15, and the three-month lead closed at $937, and Monday's 963.
Three-month tin reported $6,300, up 20.
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