London, September 14 news: The London Metal Exchange (LME) copper price fell about 0.5% in the open outcry trade on Wednesday, copper stocks increased 12% to suppress prices. LME stocks rise caused a long knot.
Dealers said that the outlook for the short-term copper future is still uncertain after the performance has been erratic over the past few days. Investors have long settled. Right now, no investor is willing to hold long positions. The three-month copper closed at $3,565 per tonne in late-night mixed trading, down $20.
With a small amount of fund buying, copper prices rose in the morning. Subsequently, due to the 1350 tons increase in LME copper stocks, copper hit an intraday low of 3,425.50 U.S. dollars per ton. Late copper prices have rebounded to 3564 US dollars / ton.
SGCIB metal analyst Briggs said, "I think the market began to worry about the increase in stocks, and the recent increase in inventory has caused concern."
In just two days, LME copper stocks increased by nearly 9,000 tons. Briggs said that copper stocks in the New York Mercantile Exchange (COMEX) rose slightly, while copper on the Shanghai Futures Exchange rose roughly.
Some traders feel that the current decline in copper will not be too aggressive at this time because investment funds are concerned about the price level at the end of the month and the end of the quarter.
BaseMetals.Com analysts said, "The fall in copper may be necessary to stimulate some consumers to rebuild their inventory, which will increase trading volume and liquidity. Copper inventories may still dominate the near term and prices are still bearish in the short-term."
Swedish copper and zinc producer and smelter Boliden said on Wednesday that it has stepped up efforts to hedge (hedging) copper production as it is expected that copper prices will decline in the longer term.
Three-month aluminum closed down 13 US dollars at 1,850 US dollars per ton. Three-month zinc fell by 12 US dollars to 1,390. Three-month lead was not traded and fell by 3 US dollars to 863 according to the valuation. Three-month tin rose. 25 dollars to 6,725 yuan per ton.
** Three-month Nickel Forced Lows in Recent Years**
Under heavy drag on liquidation, the three-month nickel fell by nearly 350 U.S. dollars or nearly 2.5 percent to US$13,975 per tonne. It hit a nine-month low of 13,875 in the session. Despite this, nickel prices gained support below, thanks to good Trade needs.
Nickel stockpiles also rose during the summer and are currently at 10,380 tons, which is nearly 60% higher than at the beginning of July and has been higher since March.
Analysts said that there are rumors that at an international conference on nickel and stainless steel, they will unanimously return to the manufacturer's pricing action and also undermine market sentiment.
London, September 14 news: The London Metal Exchange (LME) copper price fell about 0.5% in the open outcry trade on Wednesday, copper stocks increased by 12% to suppress prices. LME stocks rise caused a long knot.
Dealers said that the outlook for the short-term copper future is still uncertain after the performance has been erratic over the past few days. Investors have long settled. Right now, no investor is willing to hold long positions. The three-month copper closed at $3,565 per tonne in late-night mixed trading, down $20.
With a small amount of fund buying, copper prices rose in the morning. Subsequently, due to the 1350 tons increase in LME copper stocks, copper hit an intraday low of 3,425.50 U.S. dollars per ton. Late copper prices have rebounded to 3564 US dollars / ton.
SGCIB metal analyst Briggs said, "I think the market has begun to worry about the increase in inventory, and the recent increase in inventory has caused concern."
In just two days, LME copper stocks increased by nearly 9,000 tons. Briggs said that copper stocks in the New York Mercantile Exchange (COMEX) rose slightly, while copper on the Shanghai Futures Exchange rose roughly.
Some traders feel that the current decline in copper will not be too aggressive at this time because investment funds are concerned about the price level at the end of the month and the end of the quarter.
BaseMetals.Com analysts said, "The fall in copper may be necessary to stimulate some consumers to rebuild their inventory, which will increase trading volume and liquidity. Copper inventories may still dominate the near term and prices are still bearish in the short-term."
Swedish copper and zinc producer and smelter Boliden said on Wednesday that it has stepped up efforts to hedge (hedging) copper production as it is expected that copper prices will decline in the longer term.
Three-month aluminum closed down 13 US dollars at 1,850 US dollars per ton. Three-month zinc fell by 12 US dollars to 1,390. Three-month lead was not traded and fell by 3 US dollars to 863 according to the valuation. Three-month tin rose. 25 dollars to 6,725 yuan per ton.
** Three-month Nickel Forced Lows in Recent Years**
Under heavy drag on liquidation, the three-month Nickel fell nearly $350 or nearly 2.5% to $13,975 per ton, and it hit a nine-month low of 13,875 in the session. Despite this, nickel prices gained support below, benefiting from good Trade needs.
Nickel stockpiles also rose during the summer and are currently at 10,380 tons, which is nearly 60% higher than at the beginning of July and has been higher since March.
Analysts said that there are rumors that at an international conference on nickel and stainless steel, they will unanimously return to the manufacturer's pricing action and also undermine market sentiment.