LME---basic metals fell across the board, and zinc in warehouses in New Orleans may be good
The London Metal Exchange (LME) base metal futures ended lower on Tuesday, with zinc falling from its eight-year high earlier touched. It was previously reported that the metal zinc in the US warehouse in New Orleans may not be due to Hurricane Katrina. been destroyed.
Three-month zinc once surged to $1,454 a tonne in early trading, when LME said it suspended the use of zinc in warehouses in New Orleans for delivery, but later the warehousing company Metro's agent said that zinc is dry in two warehouses in New Orleans Can be used for delivery. Zinc comprehensive trading in the evening market ended lower than the final price of 1,391 US dollars per ton, closing at 1,413 on Monday.
A trader said that in the morning we learned that the warehouse was dry but metal zinc could not be removed. Zinc may have fallen sharply yesterday, but the suspension of the LME's statement for delivery delayed its decline.
LME's stock of zinc is approximately 250,000 tons stored in New Orleans, USA. There are 24 registered warehouses of LME in the city.
LME CEO Hill said that the Exchange's special committee has discussed this. He said that it is necessary to ensure market order and consider the uncertainties in the safety of zinc.
The Exchange also said that it is taking further measures to curb the reversal of the contract price, in order to ease investors’ nervousness and prevent the market from becoming disorderly.
Analysts said that the zinc in the New Orleans warehouse has been there for a long time, and LME has other metals stored in New Orleans, but the number is small.
Three-month copper fell to 3,645 from 3,679 U.S. dollars per tonne on Monday. The short-term short-selling situation in the market quickly disappeared, and the spot/three-month futures reverse spread narrowed from 235 to 195/205.
According to one trader, the supply of copper is still relatively small. Thousands of tons of copper are delivered every day at this time of the year, which is only a few hundred tons per day.
Three-month lead fell by 8 dollars to 880 yuan per ton. Three-month nickel fell by 340 US dollars to 14,800 yuan per ton. The three-month tin report fell by $120/ton to 6,925/950.
Three-month aluminum fell by $10.50 to 1,859.50 per ton.
COMEX -- Copper futures close lower, dragged down by falling zinc in LME market
Copper futures on the New York Mercantile Exchange (COMEX) ended lower on Tuesday, dragged down by the decline in zinc prices on the London Metal Exchange (LME). It is reported that at least part of the LME metal zinc in the New Orleans warehouse in the United States is dry and clean, and this pressure fell during the period of zinc.
Copper market investors sought guidance from the LME market after the weekend, and metal in the New Orleans warehouse became the main topic of the market.
Analysts believe that a large number of tradings are speculative. Earlier zinc advances led to higher copper prices in the next period, but after at least a portion of the zinc's condition is still good news, the bulls and bulls exited.
The December copper settlement price of the COMEX indicator fell 1.25 cents to 1.6610 US dollars per pound, and the intraday trading range was between 1.6500 and 1.6820.
Spot September copper fell by 1.10 cents to close at 1.7360 US dollars per pound, trading range between 1.7250 to 1.7550 US dollars. Estimated turnover is 8,000.
The London Metal Exchange (LME) base metal futures ended lower on Tuesday, with zinc falling from its eight-year high earlier touched. It was previously reported that the metal zinc in the US warehouse in New Orleans may not be due to Hurricane Katrina. been destroyed.
Three-month zinc once surged to $1,454 a tonne in early trading, when LME said it suspended the use of zinc in warehouses in New Orleans for delivery, but later the warehousing company Metro's agent said that zinc is dry in two warehouses in New Orleans Can be used for delivery. Zinc comprehensive trading in the evening market ended lower than the final price of 1,391 US dollars per ton, closing at 1,413 on Monday.
A trader said that in the morning we learned that the warehouse was dry but metal zinc could not be removed. Zinc may have fallen sharply yesterday, but the suspension of the LME's statement for delivery delayed its decline.
LME's stock of zinc is approximately 250,000 tons stored in New Orleans, USA. There are 24 registered warehouses of LME in the city.
LME CEO Hill said that the Exchange's special committee has discussed this. He said that it is necessary to ensure market order and consider the uncertainties in the safety of zinc.
The Exchange also said that it is taking further measures to curb the reversal of the contract price, in order to ease investors’ nervousness and prevent the market from becoming disorderly.
Analysts said that the zinc in the New Orleans warehouse has been there for a long time, and LME has other metals stored in New Orleans, but the number is small.
Three-month copper fell to 3,645 from 3,679 U.S. dollars per tonne on Monday. The short-term short-selling situation in the market quickly disappeared, and the spot/three-month futures reverse spread narrowed from 235 to 195/205.
According to one trader, the supply of copper is still relatively small. Thousands of tons of copper are delivered every day at this time of the year, which is only a few hundred tons per day.
Three-month lead fell by 8 dollars to 880 yuan per ton. Three-month nickel fell by 340 US dollars to 14,800 yuan per ton. The three-month tin report fell by $120/ton to 6,925/950.
Three-month aluminum fell by $10.50 to 1,859.50 per ton.
COMEX -- Copper futures close lower, dragged down by falling zinc in LME market
Copper futures on the New York Mercantile Exchange (COMEX) ended lower on Tuesday, dragged down by the decline in zinc prices on the London Metal Exchange (LME). It is reported that at least part of the LME metal zinc in the New Orleans warehouse in the United States is dry and clean, and this pressure fell during the period of zinc.
Copper market investors sought guidance from the LME market after the weekend, and metal in the New Orleans warehouse became the main topic of the market.
Analysts believe that a large number of tradings are speculative. Earlier zinc advances led to higher copper prices in the next period, but after at least a portion of the zinc's condition is still good news, the bulls and bulls exited.
The December copper settlement price of the COMEX indicator fell 1.25 cents to 1.6610 US dollars per pound, and the intraday trading range was between 1.6500 and 1.6820.
Spot September copper fell by 1.10 cents to close at 1.7360 US dollars per pound, trading range between 1.7250 to 1.7550 US dollars. Estimated turnover is 8,000.
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