Current Status of Copper and Aluminum and Trend Analysis in the Next Two Days

Copper futures on the New York Mercantile Exchange (COMEX) fell sharply before the close of trading on Thursday (August 25th) and were in range swings for most of the day. Expectations of a sharp increase in inventories once again weighed on the quiet market. Monday is a British holiday. Tomorrow is the previous trading day. There are rumors that the London Metal Exchange (LME) stocks increase, today's stocks decline, but with the arrival of the three-day long weekend, and inventory may be in the next day or two days Increased, so investors prepared for this in quiet market conditions.” Indicators September copper fell 1.80 cents to 1.6490 US dollars per pound, intraday range between 1.6450-1.6740. December period fell about 1.80 cents, At 1.6060 U.S. dollars per pound, the intraday trading range was 1.6040-1.63. Spot August copper closed down 0.30 cents to 1.7140 U.S. dollars per pound, intraday trading ranged from 1.7110 U.S. to 1.73 U.S. trading volume was forecast at 20,000 lots, of which 4,663. Hand used for contract extensions, trading volume was 22,843 lots on Wednesday. The number of open interest on Wednesday increased by 2,393 lots to 105,001 lots. London, August 25: Three-month copper on the London Metal Exchange (LME) closed slightly lower on Thursday. The market conditions were quiet and investors were cautious. Three-month copper closed at $3,578 per ton, and Wednesday night's composite trade closed at 3,590. The market is expected to continue sideways in the next few trading days. Investors’ concerns about copper inventories have prevented the market from continuing its recent rally. One trader said, “The uncertainties regarding changes in LME inventory make investors cautious.” In the past few months, LME copper inventories more than doubled to 62,900 tons, which is a high level in nine months. However, the market is still stuck in a tight supply situation. LME’s premium in recent months is about 210 US dollars, which is higher than last week's level. As supply and demand remain fairly balanced, the premium may rise suddenly. "If the market sells copper, it may only be a short-term move. But given that copper prices have risen by $710 this summer, the sell-off on the floor may be quite large." Analysis by Basemetals.com Adams said in a daily research report that the three-month aluminum fell by 3 US dollars to 1,885. The three-month nickel fell by 50 US dollars to 14,825. Other basic metals declined slightly. AMT outlook metal sees market copper: trade Calm and uncertain Outlook selling rallies. Aluminum: The performance is flat, and it is expected to continue to decline in the future. (Note: AMT is the abbreviation of Amalgamated Metal Trading Limited, which is a top-ranking brokerage firm of the London Metal Exchange.) Copper: The trading is quiet, the trend is uncertain, and the futures sell off on rallies. Aluminum: The performance is flat, and it is expected to continue to decline in the future. Source: China Futures Securities Finance