Reuters Review (3-14)
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May 24 07:05:44, 2024
LME Market: The three-month copper of the London Metal Exchange (LME) closed down nearly 1.5% on Monday, suffering from a rebound in the US dollar and causing profit-taking sales. The three-month copper closed down 44 US dollars at 3,198 per ton, spot/three The monthly price of copper rose by 114/116 US dollars. The quarter is coming to an end. The funds that have been long will likely make a profit. London's Standard Bank analyst Baha told Reuters that a close below 3,200 could cause a sudden sell-off. However, if some investors withdraw from their original positions, however, if the price rebounded from this period, it means that we expect the technical corrections that will occur to be postponed. The US dollar rises against major currencies and is bought by investors on bargain hunting. The US dollar promoted 1715GMT, the euro was quoted against the US dollar at 1.3347 U.S. dollar, and late in New York was reported at 1.3460. For U.S. investors holding currencies other than the U.S. dollar, the U.S. dollar strengthened and the attractiveness of dollar-denominated base metals fell. The range may fluctuate and may rebound, so I do not rule out the possibility of a bullish trend, a trader said. Three-month copper hit a record high of 3,300 in the electronic trading system early last week. In open outcry trading The high point is 3,2 97. Another trader expects three-month copper support at 3,175/3,185 and resistance at 3,260/3,300. Securities trader Macquarie Bank said on Monday that the LME’s open interest has increased significantly in recent weeks, plus a strong premium. This implies that there have been new investment fund purchases. Three-month aluminum fell by 18 US dollars to 1,972, but LME aluminum stocks once again reduced by 3,550 tons. Source: Reuters