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Reuters Review (11-12)
LME Market: The London Metal Exchange (LME) base metals closed higher on Friday as copper rose more than 3,000 US dollars, which is higher for one month due to tight supply, which stimulates the buying of funds and short covering as the dollar weakens. "The period of copper holding above USD 3,000 was encouraging. The stronger EUR was also bullish," said one LME trader. Three-month copper rose to US$3,017 per ton, closing at 2,988 on Thursday. Analysts said. The short-selling operation of the Shanghai Futures Exchange promoted the market to rise, and its impact spread to the LME. It is believed that the China Bureau of State Reserves (SRB) holds 36,115 tons of December copper long positions on the Shanghai Futures Exchange, and the Shanghai Futures Exchange Inventory is only 24,233 tons. The SRB may be able to lend to the market by lending its bullish position to ease supply tension in the short-term. A LME trader said, "There is no selling from China today. They seem to be willing to open positions." The three-month inverse price gap was reported at 110/120 USD. LME stocks fell to 68,625 tons, which is a relatively low level since the middle of 1990. "Because LME stocks are already less than 80,000 tons, spot prices are extremely volatile, and spot prices are inversely related to three-month copper. Spread, "Bloomsbury Peter Hollands, an analyst at Minerals Economics, said that the dollar fell against both the euro and the Japanese yen. The market ignored the positive US economic data and remained focused on the US’s current account deficit. The dollar/euro has depreciated by 6% since the beginning of October due to the market. Concerns that the United States could not attract enough funds to fill its huge current account deficit. At 1700 GMT, the euro/dollar is currently trading at about $1.2961/69, down from the record high of 1.3005 on Wednesday. The three-month nickel closed at $14,700 and soared by $700. Three-month zinc gained 27 US dollars to 1,116. Three-month lead advanced 14 US dollars to 954. The three-month tin price closed at 20 US dollars higher at 9,150. LME copper: Copper futures held at 3,000 U.S. dollars. Above, it was very encouraging. The stronger Euro was also bullish, “a trader of the LME said. Three-month copper rose to US$3,017/ton, closing at 2,988 on Thursday. LME aluminum: three-month aluminum reported at US$1,813.50. $27.50. COMEX Copper: Copper futures on the New York Mercantile Exchange (COMEX) closed at a one-month high on Friday, boosted by good US economic data and a weaker US dollar. Traders said Friday copper rose to a one-month high, Due to US retail sales and elimination The confidence data are all optimistic, and the US dollar has taken full gains in the past two days. Similar fundamental news, such as the strike in the Chilean copper mine and the low levels of copper inventories since 1990, has also helped the gains. One trader said. "I think the rally for today is due in large part to the weaker dollar. Since the dollar started its new wave of decline, all factors have benefited copper." Indicator December copper rose 2.20 cents to $1.3945 per pound, from the day high 1.3960 is only one step away. November spot copper closed up 3.55 cents to $1.4280 in the month of the month. Other monthly sessions closed up approximately 0.40-2.40 cents. The estimated closing volume was 15,000, higher than Thursday's. 11,640 mouths.