Reuters commented on May 27

LME Market: The London Metal Exchange (LME) copper closed higher on Thursday for the fourth consecutive day, as stocks continued to fall, and the strong US economic data released on Thursday caused copper to recover earlier losses due to the strengthening of the US dollar. The monthly copper price was US$3,087 per ton, which was an increase of US$18 from the closing price of the composite transaction on Wednesday evening. The spot/three-month futures reverse spread was held at US$184/185. “The spread of tight stocks and sharp declines in stocks all support the period.” Standard Bank Analyst Barr said, "This is the decisive factor, because it allows the price of copper to remain firm even when the dollar rises. The U.S. has revised upwards from the previous quarter's gross domestic product (GDP) figures, and inflation appears to be under control. Rising, as it boosted the confidence of investors holding long positions." He expects copper resistance at 3,120, followed by 3,150 and resistance at 3,080 and 3,050. LME copper stocks fell again today by 2,825 tons to 46,400, close to January A record low of 43,625 tons since May 1988. Copper futures fell below US$3,050 initially, hit by a seven-month high against the euro, but recovered later, as the US has been revised upwards from its previous quarter GDP. The U.S. relied on a 3.5% increase in GDP in the previous quarter, and imports of goods and services fell from the estimate one month ago. The U.S. Department of Commerce initially forecast a 3.1% GDP growth in the first quarter. Carson, an analyst at Triland Metals, said: In the afternoon, copper was boosted by short covering. Short covering seemed to be motivated by the fact that the US and China's economy was far from slowing. "The mining giant BHP Billiton's Peruvian-based Tintaya copper mine with an annual output of 80,000 tons of copper is indefinite. Discontinued production also supported copper prices. Three-month aluminum rose 4 US dollars to 1,754, and three-month zinc rose by 11 US dollars to 1,279. Three-month lead rose by 4 US dollars to 971. COMEX Copper: New York Mercantile Exchange ( COMEX) copper closed higher on Thursday, as the United States was revised up from its previous quarter GDP, implying that copper demand will rise. This week the copper fundamentals sent a series of good news, such as inventory decline, a copper mine in Peru. Suspension of work and strong sales of new homes and durable goods (durable goods) orders from the United States combined to trigger copper buying. Some traders said that investors’ aggressive buying is like an "out of control train" and they say they have long positions and short positions. Complement and boost copper prices. July copper closed up 3 Points, to close at 1.4495 US dollars per pound, the intraday high at 1.4550, the day low at 1.41. Spot May May copper jumped 8.50 cents to 1.6140 US dollars per pound, compared with the distant month contract closed higher 0.80-2.85 cents range. Traders said, "Some investors have suffered heavy losses today. Today is the next trading day of the May contract, so short bears must cover today. The bulls will definitely try to push up prices because the shorts must be delivered." COMEX copper traded on Thursday. The volume is estimated at 24,000, which is higher than Wednesday's 13,865. Of these, 2,956 were traded on an extended period.

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