Overnight London's base metals finished lower again. London copper oscillated sharply last night. Futures prices fluctuate within the broad range of US$7,850-8,180 in intraday trading. The three-month copper futures closed lower by US$65 in late-night general trading. At $7,585 per ton, we saw yesterday’s decline from several sources. First, the dollar’s ​​overall rebound last night after a sharp drop from the previous day brought pressure on gold. The drop in crude oil prices has also weakened the appeal of gold as a hedging inflation risk tool. Gold therefore fell, followed by the rise in LME inventories, which also exerted greater pressure on the current copper prices.
Three-month aluminum fell by 50 dollars to 2650 dollars. Aluminum prices have been affected by the decline in the previous period's base metals and have been bottoming down. The current situation in the market is not optimistic. Especially in the current technical situation, aluminum prices have shown signs of falling below the platform's consolidation range. The market is currently in a weak position. The summer season is coming. If the price is not stable, the aluminum price may continue to bottom down. However, due to the slight increase in aluminum prices in the earlier period, the aluminum will not be very large in the downward direction, but the current popularity is more important. The current operation is still dominated by short thinking.
In the domestic market, we see that the current domestic market trend is very weak compared to London. The sharp emergence of profit-taking in the previous period caused Shanghai Copper to close at a low stop yesterday. The market's current market oscillation is very obvious. We can see the fall of copper. More frightening than aluminum, the current base metals are in a weak pattern. We need to change our thinking in the bull market, participate as little as possible, and avoid risks.
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