Tokyo, September 9: Three-month copper prices on the London Metal Exchange fell in the Asian market on Friday, continuing the decline in the London market, but traders are reluctant to sell in large quantities because they expect to bounce back in a short period of time. Downtrend.
The three-month copper price of LME fell during the light trading in the Asian market. Dealers said that the copper technical surface began to weaken as its price had fallen to the 30-day moving average price of less than US$3,600/tonne in the previous trading day.
A Tokyo dealer said: “Thanks to the active copper sell-off in the London market fund on Thursday, copper prices fell and it is expected that further fund sell-offs will occur, but we are cautious because we expect copper to be launched in a short period of time. ."
At 0236 GMT, the three-month copper price of LME was US$3,580/ton-3,585 tons, which was 0.22% lower than Thursday's closing price of 3,590 US dollars/ton in London's comprehensive evening.
Traders said that the 30-day moving average price of 3,592 US dollars / ton has become a key resistance.
Three-month copper on the London Metal Exchange fell to $3,562 during London trading on Thursday. The contract price has fallen by about 4.4% from the record high of $3,725/tonne touched last week.
Market sentiment is expected to be under pressure from LME's Asian inventory in the coming weeks. As Chinese traders use price-strong factors to increase their shipments, traders expect copper stocks in LME in Asia to increase in the coming weeks.
However, European traders expect inventory to decrease again because spot prices rose during August, and consumers started picking up the inventory they had deposited in warehouses.
On Thursday, LME copper stocks fell 125 tons, a total of 71,025 tons.
The Japanese trader said: "The market continues to focus on inventory levels, although copper prices have risen recently despite the increase in inventories."
The Shanghai copper contract price for November contracted from the settlement price on Thursday by 220 yuan/tonne to 34,530 yuan/tonne.
LME three-month copper fell into a narrow range in the Asian market, and the market continues to focus on inventory in New Orleans warehouses. Its price in the Asian market was reported at $1,374/ton-1,379 on Friday, and closed at $1,375 on Thursday in London.
Simon Heale, chief executive officer of LME, said that it will continue to postpone the delivery of metal in the New Orleans warehouse until its employees may test the damage caused by the hurricane.
Earlier this week, the three-month zinc price of LME rose to an eight-year high of US$1,454/ton, as the LME suspended metal delivery at the New Orleans warehouse.
LME aluminum three-month report 1,839 US dollars / ton -1,841 US dollars / ton, to close at 1,838 in London on Thursday.
The price of aluminum for the December contract fell by RMB 20/t to RMB 16,580/t from the settlement price on Thursday.
LME three-month nickel reported 14,450 US dollars / ton 14,550 USdollars / ton, basically the same with the closing price in London 14,450 US dollars.
LME three-month tin reported 6,800 US dollars / ton -6,900 US dollars / ton, to close at 6,850 US dollars in London on Thursday; three-month lead reported 862 US dollars / ton -8667 US dollars / ton, to close at 862 US dollars in London on Thursday .