LME Market Report: Concerned about China's Policy, Base Metals Lower

London, November 22: The London Metal Exchange (LME) base metals fell on Monday in an open outcry trade, weighed on market concerns over China’s exchange rate and export tax rebate policy, but fell off the intraday low. Traders said. Most metals traded lightly, which caused today's price fluctuations to be magnified. In particular, copper futures. The three-month copper futures of LME fell by the fund's long position and fell to US$3,007.50. It then recovered, closing at US$3,045.00 per ton. The closing price of the composite trading on Friday night was 3,076.00. Traders said that copper's upward trend has been contained since last week and a short-term correction is expected. Despite this, as the supply is still tight, the high of 3175-3180 US dollars / ton may still continue to explore. “The market was a little upset due to China’s policy suspicions, but it later fell into a volatile range, remained stable and cautious.” The 20 countries issued a communique after the meeting, urging Asian countries to move toward a more flexible exchange rate mechanism. China has always been under pressure to revalue its currency, especially pressure from the United States. Analysts said that the United States will announce October housing and new home sales, durable goods (durable goods) orders, and the University of Michigan consumption in November. Confidence index and other data are expected to provide guidance for the market outlook. However, due to holidays in Asia and the United States this week, LME three-month copper is expected to continue to be light. "I guess the market will be slightly disrupted by Thursday's Thanksgiving holiday in the United States, and U.S. traders may not return to the market on Friday," a fund source said. Some people point out that the world's largest mineral producer - BHP Billiton ( BHP Billiton President Charles Goodyear said on Friday that the current price is unsustainable and also hit market sentiment. Three-month aluminum reduced the decline, regained 1,760 and 1,770 support, and closed at 1,778. It still fell by 14 US dollars on that day. "The market was supported by some trading plates and there was no subsequent fund selling." Analysts said that the weak technical indicators, combined with Chinese manufacturers may be large-scale before the export tax rebate policy is canceled The delivery to the LME warehouse put pressure on the market. The three-month lead closed down $1 to 956. The three-month zinc fell by $9 to 1,140/1,142. The three-month nickel fell by $5 to 13,675 Three-month tin fell from 9,100 to 9,030. Source: China International Futures Brokerage Co., Ltd.

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