June Reuters Review

LME market: Base metal prices mostly closed lower on Tuesday as the US dollar hit a seven-month high against the euro. LME copper: Three-month copper fell by $29 from the late evening composite trading price at $3,047 per ton, but much higher The $3,020.1 hit earlier today has been the cause of the current market conditions, but the performance near the close was surprising - zinc rose by $15 in the 30 seconds before the close, and nickel also advanced. "LME A Deal Traders said that the dollar rose to a seven-month high against the euro, after France’s veto on the EU’s Constitution on Sunday triggered concerns about European economic reforms. However, the unexpectedly weak US Purchasing Managers’ Index (PMI) cut the U.S. dollar portion. In May, the Chicago PMI fell to 54.10, indicating that the US economy is still expanding in the Midwest, but the expansion rate is much lower than expected. Analysts had expected to be 62.00. Last month was 65.60. The euro fell to about 1.2312 against the US dollar once. The US dollar then recovered its decline at 1628 GMT and recovered to 1.2350 US dollars, down 0.9% from Monday's late trading. Another trader said, "The market is somewhat puzzled by why (copper) did not try 3,000 U.S. dollars earlier today. Still in It is said that prices will soften later this year, but I think we need to see some stocks beforehand. "The LME copper stocks increased by 600 tons to 45,225 tons, but it is still close to January's nearly 17-year low of 43,475 tons. LME aluminum: three Aluminum fell by US$6 to 1,739 in the monthly period. Although LME aluminium inventories increased by 21,950 tons, aluminum prices remained at a relatively high level. Traders said that the stocks are expected to increase further. COMEX Copper: Copper futures rose in the late session on Tuesday. The trend rose modestly, as strong fundamentals motivated investors to ignore the dollar rally that copper was under pressure earlier in the session and took a dip on the market. COMEX Monday resumed trading on US Memorial Day and resumed trading on Tuesday. July copper closed. 0.55 cents higher, to close at 1.4565 US dollars per pound. Spot June copper jumped 1.90 cents in June, to close at 1.5050 US dollars per pound. Other monthly contracts ended higher 0.20-0.95 cents range. COMEX copper fell early in the morning, to follow London Market trend, due to the strong dollar before the copper in the overseas market suffered losses. But traders said that the end of the copper rose quickly and the rise is surprising. COMEX copper futures volume is estimated at 17,000, last Friday was 11,529 mouths.

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