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Standard Bank Ratings: Aluminium positions reach the highest point of the year
In light trading, the base metal closes unchanged. The market lacks new news and turnover is low. The factors that may affect the price of base metals are the U.S. dollar, and in particular the number of non-farm payrolls to be announced on Friday. The recent U.S. economic indicators show that the work growth has remained at around 200,000. The ISM manufacturing index was strengthened in November, which shows that the manufacturing industry is healthy and that the increase in new orders will lead to an increase in production in the coming months. Copper: The close has basically not changed, and the increase is ineffective at the end. As the United States rebounded and the ISM report performed strongly, the market quickly gave up gains. The decline in LME stocks has slowed down, and rising inventory consumption or new supply disruptions will stimulate new buying entry. The newer CFTC report shows that as of November 23, the fund’s net increase has increased by 8,877 lots to 24,906 lots – as there is no upward momentum near the end of the year, profit taking may occur this quarter. Technically, the resistance of 3140 still limits the price, but there is good support to the 3090. Aluminium: The futures position is 485,998 lots, which is the highest level this year. This shows that based on the improvement of fundamentals, the market is more attractive and provides higher earnings/risk expectations. The maturity of the options expired. The focus was on the price of the 1850, and some of the call options were announced. Technically, the short-term head is at 1860, limiting the price, but 1820-30 has obvious support.