• LME Copper: Copper prices rose on Wednesday, and stood on the $3,300/ton level as popularity improved. One trader said that we saw good copper futures, breaking the 3,280/3,300 first-line resistance. It is expected to continue to rise. Due to price distortions, short positions were restrained. Analysts pointed out that the copper approached the record high of US$3,338 hit last week. The trend was driven by the strong growth of China's gross domestic product (GDP), expectations of firmer commodity prices, and spot price distortions. Intensified support. The three-month copper futures closed at $3,307 per tonne in late-night general trading, up 2.2% from yesterday's 3,235. Since last week's speculative selling led to a drop in prices, after a period of 3,110, copper has rebounded significantly. Investment Funds Looking again at multiple coppers, one fund source said that following last week's downtrend, copper performance was quite resilient. There were some indices related to buying yesterday, and the oil price rally was also fierce. Several factors support metal prices. China’s GDP in the first quarter was 9.5% higher than the same period of last year, which was higher than the analyst’s forecast of 9.1%. Morgan Stanley downgraded estimates of the likelihood of commodity prices falling to the mid-cycle level of the current cycle in a research report. The recent contract price distortions still support the copper price. The spot/three-month inversion spread widened to $183/193, which was higher for more than eight years, and the inverse spread was $178 on Tuesday and 170 at the beginning of the week. Traders pointed out that since the end of January, there have been spot short positions that are mainly for speculative purposes. At that time, the price distortion situation was also very serious. The spot price/day and tomorrow/the next day have seen a sharp rise in the reverse price difference this week and it is expected that the price will increase next week. It will remain at a high level until the beginning of the year. Earlier Wednesday and the following day, the inverse price difference reached $28 on Wednesday. Another trader said that there are always people who have been eager to close their positions until later. In the past, they were trapped, and they will remain in the future. • LME Aluminium: Three-month aluminum rose by 19 US dollars to 1,889 yuan per tonne. COMEX Copper: Copper futures closed higher on Wednesday, and many factors jointly promoted copper prices to a higher level in a week. Traders said that these factors include China's GDP. (GDP) increase higher than pre , suggesting that demand is good, and the dollar fell in the end. Dealers said that a copper explosion near Zambia was found, and the global supply of copper was tight and the buyer’s enthusiasm was even higher. The May period copper rose 3.80 cents to close at every pound. $1.5095, approaching a 16-year high of 1.5360 hit last Tuesday. Spot copper rose 2.85 cents to close at $1.5170 in April. Other monthly periods are around 0#HG: up 2.50-3.70 cents. The volume is as high as 30,000, of which 4,178 are transactions from the May contract period to the July contract. The advance notice date for the May contract is April 29. Source: China International Futures Brokerage Co., Ltd.
