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Overview of LME base metals on August 2021, 08 | Alloy Wiki
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Overview of LME base metals on August 2021, 08

Posted by: aliyunhuicom 2021-09-24 Comments Off on Overview of LME base metals on August 2021, 08
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On Monday, the London Metal Exchange (LME) copper futures rose strongly because investors were buying on dips, looking forward to continued recovery in global economic growth and additional demand from the low-carbon economy.

As of 1600 Greenwich, the London benchmark three-month copper rose 2.7% to $9,278/ton.

Last Friday, London copper futures rose 1.6%.

From March 2020 to May 10 this year, a record high of US$1,0747.5/ton was set, and the price of copper more than doubled. However, since then, copper prices have fluctuated and declined, because high levels have affected downstream demand, and the profit margins of industrial companies have been squeezed. China introduced policies to curb price increases.

Last week, copper prices fell to their lowest point in more than four months. Because of China’s slowing economic growth, the Fed’s possible tapering, and the global spread of the highly contagious delta mutation virus, the base metals are under pressure. .

With the fall in copper prices, there are signs that some institutions are beginning to test positions. Analysts said that as an institutional investor, one cannot ignore the theme of green economy transformation. Metal has long themes. Maybe you don’t want to buy at $10,000, but the price of $9,000 looks more investment worthy. The electrification of transportation and industry in the next few years will bring about a large amount of additional copper demand, because copper has good electrical conductivity.

After several months of correction, whether copper prices can start a sustained rebound depends on whether industrial activity rebounds in the fourth quarter.

A survey showed that business activity in the euro zone grew strongly this month, which helped boost investor sentiment. News that further encouraged market sentiment said that on Monday, China reported no new cases of local new crowns for the first time since July.

The closing situation of other metals included, LME three-month aluminum rose 2.3% to US$2,604 per ton, nickel rose 2.4% to US$18,905 per ton, zinc rose 0.4% to US$2,939 per ton, and lead rose 1.6%. At US$2,286 per ton, tin rose 0.2% to US$32,290 per ton.

Link to this article:Overview of LME base metals on August 2021, 08

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