LME Copper: Copper futures fell on a light-trading basis Friday and traded within a narrow range. However, late gains were supported by short covering and weaker US dollar. The three-month copper futures closed lower by US$3. At $3,287 a tonne, copper reached a record high of $3,308 on March 31. "The copper is basically in a range range. No one wants to push up, and no one wants to go short," said Mike McMillan, a metals analyst at Bache Financial. People seem to be watching and waiting for new stimuli to emerge. "He thinks that the next cycle of copper resistance is at $3,300, while the support is at 3,200." Adams, analyst at BaseMetals.com, said in a daily report, "The fundamentals of most metals Still tense, especially in China, the lower inventory levels highlight this point. "" However, as production will continue to increase during the year, producers may establish more hedging (hedging) sites." Exchange data Show, in the week ending on Thursday, the Shanghai market copper inventories increased by 5,830 tons, to 22,157 tons, but it is expected that some long-term holders will be delivered in the next weekend, when the period will expire in April. Long holders include the Chinese national The Reserves Bureau (SRB), which was trading in December Under the pressure, the 30,000-ton long position was extended. At that time, the shortage of stock caused sellers to limit their ability to deliver contracts. Traders said that it had delivered some contracts in March and planned to expire in April. At the time of delivery, 10,000 tons were delivered. On Friday, the Shanghai Futures Exchange's spot April contract expanded to 1,670 yuan (US$202) from the May’s premium, compared to 1,420 yuan on Thursday. May’s premium was increased from 1,090 yuan to June’s premium. To 1,100 yuan. LME spot copper compared to three-month copper premiums at 152/157 US dollars per tonne, higher than at the beginning of the month of 132 US dollars. 1603GMT, the euro against the US dollar reported 1.2926 US dollars, higher than the 1.2856 late in the New York market yesterday. LME aluminum : Three-month aluminum fell US$12 to US$1,946/ton. COMEX Copper: Copper futures edged higher slightly on Friday, only the US dollar trended to provide guidance for copper futures. The dollar fell during the boost period and copper closed higher. May-month copper closed up 0.10 US. Divided to 1.5075 US dollars per pound. Trading range was 1.4940-1.5135 US dollars. May copper hit a one-week high on Thursday. The spot April rose about 0.20 cents to 1.5235 US dollars. Other monthly contract closed up 0.10 to 0.45 US cents. ComEX copper volume is estimated at 22,000, Thursday was 19,630. The increase was approximately 4,448 to 127,339. Copper futures fell at the beginning of the week due to the strength of the US dollar and investors decided to take profits. However, the US dollar subsequently weakened against the euro. After the US dollar failed to rise to the key technical level, it was traded. Selling. Traders stressed that the May copper was only consolidating within a narrow range of $1.45-1.51, with both the downside and the downside limited.
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