Reuters Review (3-22)
LME Market: Base metals closed higher on Tuesday, benefiting from a weaker US dollar. However, trading was quiet as the market remained cautious ahead of the Federal Reserve's (Fed) Federal Reserve interest rate decision. LME Copper: Three-month Copper Evening Composite Trading rose 29 U.S. dollars to 3,279 U.S. dollars, and the intraday trading ranged from 3,245 to 3,287.50 U.S. bank analyst Baha said that a weaker U.S. dollar drove the market to rise. The Fed will hold a meeting tonight, intraday trading Slightly cautious. He said that people are reluctant to hold a large number of positions. The Fed is scheduled to announce interest rate decision at 1915GMT. The market will wait for the statement of the US Federal Open Market Committee (FOMC) and look for clues as to whether it will speed up the rate hike. Adams of BaseMetals.com stated that this move may support the US dollar and put more pressure on the base metals. At 1700 GMT, the euro was quoted at 1.3208 US dollars against the US dollar, which is higher than the 1.3171 US dollar at the end of Monday's New York market. The weakening of US dollar makes the US dollar-denominated industry. Metals are more attractive to investors holding other currencies. However, analysts said that by the end of the first quarter, the market may fall sharply. British businessman Barclays Capital International stated that it invests in the fund market of commodity markets. A higher level since April last year, but the defensive ability of base metals is stronger than that of precious metals and soft goods. Barclays Capital International stated in its weekly investor report that the fund’s net long position in the copper market is only slightly A quarter higher than the number of open interest, which is 44% lower than last year's high. Compared to the copper price level, this low ratio is not excessive. However, once the market sentiment is reversed, the current net long position is enough to cause a sharp price increase. We will wait and see if the market tests the magnitude and speed of the downshift. Bach said that in a daily report, he said support was at 3,250, 3,200 and 3,175 and resistance at 3,295-3,305. LME Aluminium: Three Aluminum for the month increased by 10 US dollars to 1,982, after falling to 1,955 previously. COMEX Copper: Copper rose sharply on Tuesday, but traders said that comments on inflation in the Federal Reserve Board’s (FED) statement will cause copper to fall on Wednesday. The Fed announced a rate hike. A copper trader said that trading was quite quiet today. Most of the buying was done by floor traders. Everyone is waiting to see the Fed's statement. He added that in the statement, the Fed suggested there was inflation. This is The yuan provided partial support and put pressure on the (period of copper) market. However, the fundamentals have not changed, so the copper may only fall for a short period of time, and then it will rise again. The COMEX indicator May contract copper futures closed up 0.85 cents to 1.4975 US dollars per pound. Intraday traded within the range of 1.4840-1.5080 USD. Spot March contract rose 0.95 cents to close at 1.4985 US dollars per pound. Far-month contract rose 0.35-1.15 cents range. Estimated final turnover is 15,000, It was 13,088 on Monday. The number of open positions decreased by 967 to 118,180. Many buying on Tuesday was caused by market participants covering short positions after a sell-off on Monday. Traders said that the downtrend of copper may be excessive as interest rates rise against the US dollar. The impact may be overestimated. Source: China International Futures Brokerage Co., Ltd.
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