LME copper futures closed higher but did not break recent trading range, while aluminum futures held steady

Three-month copper prices on the London Metal Exchange (LME) closed higher on Friday but did not break through the recent trading range. Traders said that the market is supported by tight global supplies, but market participants are reluctant to push up further. Trapped in a range of fluctuations. Given the current tight supply of the market, people are a bit surprised at the trend of the recent correction. But I think this is expected because the price has been pushed by the fund a bit too high. "A trader said Three-month copper MCU3gt; closed at 3,378 US dollars per tonne, compared with Thursday's composite transaction closing up 32 US dollars. LME stocks further reduced by 300 tons to 27,675 tons, making the global supply tight situation. Industry and trade unionists said that Zambia A copper mine worker joined the strike and hindered copper production in the country. The chief executive of the American copper mining company Asarco said on Thursday that Asarco was unable to fulfill the supply contract for the first time since the workers’ strike because it was located in Texas. The state’s refinery raw copper is depleted. “The market is currently at a stalemate.” Carson of LME broker Triland Metals said in the report. “(Although we believe that the situation in Asarco may need to be very long Time to solve), but the news of the strike has already been digested by the market. Market participants still believe that the price of copper is already too high. " "The dominant factor in the current market trend is the technical and fund willingness to trade. Due to holiday reasons, trading activity is increasingly active." Decline. We still speculate that the market may not have reached its peak. "Aluminium closed slightly lower during the ** period. Three-month aluminum MAL3gt; closed slightly lower at $1,838 and closed at 1,842.50 on Thursday." The 200-day moving average entry above the $1,830 level appears to be very positive for the market. On the front of the traders, zinc and lead fell, although the union of the Teck Cominco’s trail smelter issued a strike claiming that workers may The strike began earlier on Tuesday. The three-month zinc price fell by $23 to close at 1,197 per tonne; the three-month lead price by mp3 went down by $8 to 825 per tonne. Traders said that if Trail produces Pause will not affect the market in the short term, because the copper concentrate originally supplied to the smelter will soon be bought by other refineries. Three-month tin; MSN3gt; closed up 200 US dollars to 7,450, subject to consumption Buying to promote. The tin was down by more than 4% due to selling pressure from the fund on Thursday. Expected, the probe will further zinc short period of three months to about 7,700 standard Ni lt;. MNI3gt; down $ 100 per ton to 14,350 / 375.