Singapore, September 14: Dealers said on Wednesday that due to lack of new fundamental news, the three-month copper price on the London Metal Exchange fell into a recent interval in the Asian market on Wednesday, but traders said that China's industrial industry is strong The increase will bring support to metal prices.
The three-month copper price on the London Metal Exchange was unchanged in Wednesday's Asian market at US$3,585/tonne-3,590/tonne on Tuesday.
A Tokyo dealer said: "There is a small amount of buying for copper in the market, but the overall volume is light."
He said that due to lack of clear guidance in the market, the short-term copper price is expected to be consolidating within the range of 3,630 US dollars / ton -3,550 USdollars / ton.
China's strong economic data released on Wednesday is expected to continue to support the market. China’s copper consumption accounts for 1/5 of the world’s total supply.
China’s industrial added value in August rose 16% from the same period of last year, supported by strong consumer spending and exports. Analysts’ expectations are 16%.
China’s expectations for July and June were 16.1% and 16.8% respectively.
Rob Subbaraman, an economist at Lehman Brothers in Tokyo, said: "The Chinese economy continues to show signs of a steady slowdown."
Shanghai Futures Exchange copper prices follow LME downtrend. The more active November copper contract price fell 180 yuan to 34,780 yuan/ton from the settlement price on Tuesday.
The US dollar fell against a two-week high against the euro and the yen on the third day. Investors took a wait-and-see attitude to wait for the U.S. economic data this week to wait for the Federal Reserve to take the next step.
Prices of other LME metal futures contracts fell. LME three-month aluminum fell to 1,855 US dollars / ton -1,859 US dollars / ton, Tuesday to 1,863 US dollars / ton; LME three-month zinc reported 1,399 US dollars / ton -1,404 US dollars / ton, Tuesday to 1,402 US dollars / ton LME three-month lead was reported at $864/tonne-869 US$/tonne, which was closed at 866 US dollars/ton on Tuesday; three-month nickel was reported at 14,250 US$/tonne- 14,350 US$/tonne, and closed at 14,325 dollars on Tuesday; It was flat at 6,700 US dollars / ton - 6,750 US dollars / ton.
(1 US dollar=8.0762 yuan)
Singapore, September 14: Dealers said on Wednesday that due to lack of new fundamental news, the three-month copper price on the London Metal Exchange fell into a recent interval in the Asian market on Wednesday, but traders said that China's industrial industry is strong The increase will bring support to metal prices.
The three-month copper price on the London Metal Exchange was unchanged in Wednesday's Asian market at US$3,585/tonne-3,590/tonne on Tuesday.
A Tokyo dealer said: "There is a small amount of buying for copper in the market, but the overall volume is light."
He said that due to lack of clear guidance in the market, the short-term copper price is expected to be consolidating within the range of 3,630 US dollars / ton -3,550 USdollars / ton.
China's strong economic data released on Wednesday is expected to continue to support the market. China’s copper consumption accounts for 1/5 of the world’s total supply.
China’s industrial added value in August rose 16% from the same period of last year, supported by strong consumer spending and exports. Analysts’ expectations are 16%.
China’s expectations for July and June were 16.1% and 16.8% respectively.
Rob Subbaraman, an economist at Lehman Brothers in Tokyo, said: "The Chinese economy continues to show signs of a steady slowdown."
Shanghai Futures Exchange copper prices follow LME downtrend. The more active November copper contract price fell 180 yuan to 34,780 yuan/ton from the settlement price on Tuesday.
The US dollar fell against a two-week high against the euro and the yen on the third day. Investors took a wait-and-see attitude to wait for the U.S. economic data this week to wait for the Federal Reserve to take the next step.
Prices of other LME metal futures contracts fell. LME three-month aluminum fell to 1,855 US dollars / ton -1,859 US dollars / ton, Tuesday to 1,863 US dollars / ton; LME three-month zinc reported 1,399 US dollars / ton -1,404 US dollars / ton, Tuesday to 1,402 US dollars / ton LME three-month lead was reported at $864/tonne-869 US$/tonne, which was closed at 866 US dollars/ton on Tuesday; three-month nickel was reported at 14,250 US$/tonne- 14,350 US$/tonne, and closed at 14,325 dollars on Tuesday; It was flat at 6,700 US dollars / ton - 6,750 US dollars / ton.
(1 US dollar=8.0762 yuan)