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Last week, Lun Copper was still in a range of turmoil, reaching a high of 7620 and falling to 7440. The continuous shrinking of trading volume indicates a reduction in market participation. It is expected that this pattern will continue in the short term. Shanghai Copper showed a weak market pattern last week and broke support of 70,000 on Friday. It is expected that there will not be much improvement in the short term.
In the international financial market, the stock market in the United States and Europe continues to rise, and the performance of mining companies is barely comparable to that of the overall market. Therefore, the macroeconomic environment of the copper market is not very favorable.
In the overall commodity market, the Dow Jones Commodity Futures Index and the CRB Index continued to rebound after the rise of agricultural products this week, but the performance of the Dow Jones Base Metal Index was relatively weak, while aluminum and zinc remained strong but the support for copper was limited. The lack of participation in the domestic market currently makes it difficult to participate in market transactions. Investors should maintain a wait-and-see attitude.
The three-month zinc futures of LME hit a record high of US$4,185 per ton, supported by technical buying, but closed at US$4,165 per tonne, up by US$65 from Thursday. LME three-month lead touched a new high of US$1,630/ton earlier in the session, but then fell back to US$1,600/ton, up US$41 from the previous trading day.
At the same time, LME’s three-month aluminum rose to a five-month high of US$2,830 per tonne in early trade, as China decided to provide base metal export tariffs, including aluminum, to promote speculative and technical buying in the market. Aluminum closed at 2,809.50 US dollars per tonne on Friday, up 43 dollars from the previous trading day.
China has increased the export tariff of aluminum from 5% to 15%, while cutting the import tariff on aluminum. In addition, China imposes a 15% export duty on aluminum and nickel.
Bhar said that next week the market will focus on liquidating positions at the end of the month.
LME October 27 Metal Offer -------------------------------------------- --------
Variety Settlement Price Opens Higher, Lower Closes, Increases or Decreases --------------------------------------- -------------
Copper 7440 7470 +20
Aluminum 2750 2815 +58
Lead.5 1560 1600 +40
Zinc 4090 4165 +65
Tin +175
Nickel +600
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Operation: Copper temporarily waits, aluminum is set.