Metal Daily Commentary: Copper: Test Lower Along Aluminum: High Consolidation Stocks: LME Stocks Copper Aluminum ? 450 ? 3275 Shanghai Lun Today's Data: Opening High Lows Closing Volume Open Positions Increases or Decreases London Copper March.5 2713.5 +325 Shanghai copper 116148 -2130 Shanghai copper 116142 -4118 Opening highs lows closing volume Open positions increased or decreased Aluminum March 1708.5 -610 Shanghai aluminum 43180 +484 Shanghai aluminum 19606 +1288 Market News: Foreign exchange market: The US economy is expected to grow beyond Europe, the dollar rose to a two-week high against the euro. Analysts said that the data will show that the U.S. economic weakness is only a temporary phenomenon, while the European economy has not reached the bottom. After the dollar broke 1.2220 to 1 euro, it expanded its gains. At 04:00 Taipei time, the US dollar reported 1.2139 to 1 euro. The dollar rose to 109.82 yen, and it was 109.12 late Friday. The signal of the slowdown in Europe last week made the dollar not fall below 1.24 to 1 euro. Bank of America analysts expect the euro to fall to $1.17 by the end of the year. The United States will issue durable goods orders on Wednesday, and if higher than expected, it may push up the US dollar. The German Ifo agency will release its corporate confidence index on Thursday and expects its confidence to decline. LME Copper: Copper futures on the London Metal Exchange fell below $2,740 a tonne after triggering technical selling on Monday, hitting a two-week low and gaining speculative buying late in the session. The uncertainty of the inventory and doubts about the strength of the US dollar and high oil prices caused market speculative selling. Some market participants do not dare to hold long positions in copper, because if the stock of copper increases unexpectedly again, it should impact the market. Last week, nearly 40% of copper inventories increased, resulting in copper prices tumbled nearly 5% in two days. Analysts said that the strength of the dollar makes it difficult for copper prices to get out of the downtrend. Metals analyst Feiners of Mitsui Bussan said: "But more importantly, There was rumors that copper was registered as a warehouse receipt. "LME copper stocks surged about 30,000 tons last Wednesday, and the market has been worried about a sharp increase in inventories. The reduction in stocks by 450 tons on Monday caused a short-term rise in copper prices, but Feiners expects that traders This week will be cautious about increasing inventories. LME Aluminium: Three-month aluminum fell in the near-term range, falling by $24.50 to 1,709 per tonne. Traders said that manufacturers sold aluminum at around $1,740, but frequent supply problems And strike orders The price was well supported by the downside. Technical solution: In the case of copper, which was plagued by the inventory issue, Shanghai copper's main contract 0411 opened lower today at 26,150 yuan/ton, but before the close, with the continuous consolidation of open positions At the end of the day, the market closed at 26,370 yuan/ton, and today domestic copper still shows a certain strength. However, the US dollar has a strong trend. If the stock market's copper stocks rise again, the important threshold of $2,700/ton will not be maintained. Looking at the range, the current copper price has been surveying the lower edge of the current shock range, if it does not move smoothly downwards. If there is a breakthrough, there is a possibility that the market will return. However, from the long-term perspective, copper has already lacked the upward momentum. If the weekly cycle is negative, it will break the consolidation situation of the weekly Yin and Yang, further increasing the possibility of falling. Shanghai aluminum main contract 0411 today's trend is similar to copper, opening higher, the end of the market closed at 16,170 yuan / ton, basically operating in yesterday's price range, the higher failed to wear yesterday's 16,190 yuan / ton. Still encountering shocks at the next highest level, there is a demand to pull back the Bollinger Bands, but it is still necessary to be cautious in observing whether the market can go further, effectively breaking 16,200 yuan/ton. However, in London, although the daily decline rate of aluminum stocks is not small, but the aluminum price could not exceed 1,750 US dollars / ton, the compensatory growth of the domestic aluminum prices in the afternoon pose a certain pressure. Source: Sunshine Technology
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