Reuters commentary (April 15)

LME market----Basic metal prices rebounded on Friday, and this week saw a sharp drop in fund selling pressure in the middle of the week. A trader said: "The decline has been suspended, rebounded, and trading is not active. In the earlier downtrend. Afterwards, this is what is expected. "Thursday copper fell to a two-month low, while zinc fell by about 9%, while aluminum fell by about 5%. The market is cautious about further selling pressure on the institutions. "Third Wednesday" pricing may experience further volatility. Calyon Analyst Maqsood Ahmed expects the weak trend to enter the second phase. He said, "High prices have inhibited trading from consumers to brokers... In the long run This situation cannot last long." Ahmed said that the fund may even have begun to short. This week it has substantially reduced long positions. The stock market dynamics have increased this uneasy atmosphere. Mineral stocks have led the UK stock market to decline in an all-round manner as investors worry that metal prices may be Already topped. LME Copper: The three-month copper futures index rose steadily under short-covering and weekend flat-book transactions to close at $40 or 1.27% higher at $3,182/ton. "Return to $3,180. Above - (recent) triple bottom - so this is Constructive significance of the close. "The above traders said. Spot / three months reverse price difference reported $ 170, but the distortions in the recent month period is more prominent. April / May reverse price difference is $ 76, May / June was $50. LME Aluminium: Three-month aluminum closed up $3 at $1,863. COMEX Copper – Copper futures closed higher on Friday, reversing the three-month low to a two-month low. Traders said they believe that there are already enough long positions to be shaken out, which makes buyers appear again. However, some other traders said that the trend of copper still needs to be confirmed next week. Today’s trading mainly comes from the on-site operations. Traders and speculators. A trader said: “We have seen some rally triggered by short covering. No matter what has happened, I think the fundamentals are still strong.” Indicator May copper closed 1.65 cents higher per pound 1.4450 US dollars, trading range 1.4250-1.4560. May copper lost most of the gains this week, from Tuesday's record high of 1.5360 fell sharply. Spot April copper rose 1.75 cents to 1.4630 US dollars per pound. Today's trading volume has Decreased, estimated trading volume was 22,000, down from yesterday's 30,814.