The London Metal Exchange (LME) base metals mostly closed higher on Monday, backed by short-covering late in the session, after basic metals were dragged down by the dollar in early trading. However, due to the record high oil price, the outlook for economic growth is overshadowed by After the copper hit a record high of US$3,308 per tonne on Thursday, the base metals market is still vulnerable to selling by funds. The three-month copper settlement price was reported at US$3,245, up by US$13 from last Friday's closing of the LME, spot/three. The copper inverse price spread for the month has fallen to $140.5/150.5 from more than $160 at the beginning of last week. "I thought that there may be a slight decline in late afternoon, because copper has fallen below 3,220 for a short while." Standard Chartered Bank analyst Baha said. Originally thought that there will be fund selling, but surprisingly they did not do so. The market was forced to rise above the 3,220 level." The closing price of copper on Monday was constructive, but he said that the volume was small. Analyst of Calyon Financial Maqsood Ahmed believes that copper resistance is at 3,270, then 3,308; support is at 3,225 and 3,175, then 2,950. Baseman's analyst William Adams said, "The metal's fundamentals remain Zhang, therefore, the overall long-term outlook is still high, especially for those funds with low stocks and continuous declining stocks. "" However, since the dollar may still have some upside potential in a rate hike environment, if the dollar-denominated metal It is not surprising that prices are further downward adjustments, especially as the economic growth slowdown may start to outweigh expectations and the metal supply increases. "All of these factors may prompt the metal to enter a deep correction phase." "If some funds If you decide not to go through this consolidation, then its liquidation may bring severe pressure on prices. Undoubtedly, the downtrend will attract consumer buying, so the decline may be short-lived." The euro against the U.S. dollar is currently quoted at 1.2839 U.S. dollars since February 10th. Lower, the New York market ended late on Friday at 1.2907. Aluminum followed copper prices higher. Three-month aluminum rose 8 cents today after falling 2% on Friday, closing at $1,936. Three-month tin rose by $75 per ton. US$8,100. Three-month nickel gained US$175 to US$15,750 per ton. However, lead and zinc futures fell by US$14 and US$1, respectively, to US$941 and US$1,346 per ton respectively.
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