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Reuters commentary (June 3)
LME Copper – Copper futures jumped 3% on Friday and ended at a five-week high as exchange stocks fell to lower levels in more than 30 years. Three-month copper ended the session higher at $96 to 3,270 per ton USD/Spot/Reversal spread for three months expanded from 199/209 to 232 USD. "The closing price of copper is very strong, not far from the record high. But such a high price is unreasonable. Three days have come to market for fund buying. The question now is how long the fund buying will last, "said a trader. The copper hit a high near $3,281 in late-night synthetic trading, which is about $57 lower than the record high set in April. ABN AMRO analyst Moore said that according to the macroeconomic situation, the current price is not reasonable. He said, "Some very strong downturn signals seen last week showed that the global demand situation is not optimistic." "Debt market trends indicate that economic growth will slow down, and ISM non-manufacturing data indicate that economic growth will slow down. Many data... All suggest that the performance of the metal market... is an illusion." LME Copper inventories further decreased by 950 tons to 42,275 tons, which was a low since July 1974, when it was 38,300. Among them, 11,500 tons were cancelled warrants and will be removed from the warehouse. Another trader said, "You Suddenly all focused on inventory, but for a longer time, inventory has been low. "" The market is extremely disturbing is that the $ 230 reverse price difference did not attract delivery." Bache Financial an analyst said, "Market rumors inventory. .. In fact there is no. Inventory is only held by a specific investor, and most of the LME's metal will be shipped to China. "LME Aluminium - Three-month aluminum rose $16 to 1,790. COMEX copper - copper futures closed at 16-year highs on Friday, so the previously announced US non-farm payrolls report in May was far worse than expected and weighed on the US dollar. However, analysts said that this period of copper has declined to 1974 due to exchange stocks. Since mid-term, the level has risen to a few highs. July copper closed up 4.10 cents to a 16-year high of 1.5575 pounds per pound. Near the close of the London Metal Exchange (LME), investors’ Crazy buying pushed up July copper to a contract high of $1.5680. Spot June gold also hit a higher level of $1.62 since the end of 1988. The final volume was 29,000, up from 26,994 on Thursday.