The base metals ended lower, as the renminbi exchange rate revaluation expectations led to selling. Although China has no official statement on this matter, the G20 has conducted expectations in this regard and the G20 meeting has prompted Asian economies to shift to more flexible exchange rates. The CTA selling dominated the light trading, but the price covered the previous decline after COMEX opened due to lack of follow-up selling. COMEX will be closed for Thanksgiving on Thursday and Friday. Sales of existing homes and new homes will be announced on Tuesday and Wednesday, and durable goods orders and consumer confidence will be announced on Wednesday. Copper: CTA and active selling opened at the close following the Asian sell-off, as the market has further re-evaluated expectations of the RMB exchange rate. However, the overall market trading was light, and the price closed higher in the afternoon as the sell-off weakened. During the Thanksgiving holiday in the US, few traders are willing to establish new positions. The newer CFTC positions show that the fund's net long position has stabilized at 1.5-2 million. In the industry, CODELCO is advancing the Mansa Mina project, which will increase Norte's production from the second quarter of 2008 to about 188,000 tons/year. Technically, overbought indicates the possibility of downward adjustment of prices, but the expected magnitude is smaller. 3000 is support and resistance is 3090-3100. Aluminium: The further increase in inventory continues to exert pressure on prices, while the uncertainty of China's export tax rebates will continue to affect market sentiment. Singapore's premium is under pressure, indicating that China's aluminum may be converted into LME warehouse receipts. Technically, the price performance is weak, and the price may test 100MA (1746) downward. If the price falls below this level, the price will be tested 1720.
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