LME Copper: The price of copper rose on Wednesday, and stood on the level of US$3,300 per ton as the popularity improved. One trader said, “We have seen good copper futures, breaking the resistance of 3,280/3,300 first-line. It is expected to continue to rise. "The price distortion has restrained the bears." Analysts pointed out that the copper is close to the record high of $3,338 hit last week. Its trend is affected by the strong growth of China's gross domestic product (GDP), expectations of firmer commodity prices, and spot prices. Support for distortions intensified. 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 falling prices, copper has risen significantly after investing 3,110. The fund looks at the copper again. One fund personage said, "After the decline from last week, the copper performance was quite resilient. There were some indices related to buying yesterday, and the oil price rally was also sharp." Several factors support the metal prices. China’s GDP in the previous 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 its estimate of the possibility of commodity prices falling to the middle 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 increase in the reverse price difference this week, and it is expected that it will be the next week. It will remain at a high level until the beginning of the year. Earlier Wednesday, the reverse trade price difference between tomorrow and the next day reached $28. Another trader said, "There are always people who wait until later to close their positions. In the past they were trapped and they would return in the future. The meeting. "LME Aluminium: Three-month aluminum rose by 19 US dollars to 1,889 yuan per ton. COMEX Copper: Copper futures closed higher on Wednesday, and many factors jointly promote copper prices to rise to a higher level in a week. Dealers said that these factors include domestic production in China. Increase in gross value (GDP) higher than expected , 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 increased. 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.
