After undergoing a significant increase on Friday, the three-month copper futures of LME were under pressure due to clearance. At the Asian trading stage, copper briefly fell to a low of US$3810/ton. The overnight copper price was profitably settled at the $3915/tonne.
A fund source said: "Today the market is turbulent - the fluctuations of last week have scared some smaller speculators."
The recent increase in the price of over $3,900 per ton was reversed by the unexpected increase in stocks. The price once hovered to a low of $3,810.
Copper inventories increased by 5,025 tons to 66,500 tons today, ending the recent continuous decline, although the cancelled warrants still accounted for about 14% of the total inventory.
The market is still worried about a large number of short-selling behaviors, and traders have no clear direction on the recent trend, because the fund currently dominates the market.
The daily trade offsets triggered an uptrend, with three-month copper ending at $3,856 a tonne and closing at 3,830 last Friday.
Copper prices fluctuated within the range of 3,923.50-3,810 today, with over 3,500 lots traded.
Before London's annual industry conference next week, it is expected that price movements will be uncertain.
"I think the market will become very nervous around the next week or so, and the volatility in recent days will continue to occur." The source said.
Copper prices fell to a low of US$3,752 last Friday, falling 6% from a record high of US$4,018 hit on Thursday, but traders said that the market may fall to as low as US$3,000 and will not hurt its upward momentum.
** Market concerned about the expiration of the November option**
There are also concerns that the expiration of options (options) next week will exacerbate market volatility.
"There is an option for November at the price of $4,200 and $3,800," a trader said.
The seller of the option has been trading, buying high and selling low, which makes them spend more money.
Before the expiry of next week's option (and) between now and next Wednesday, the market will continue to fluctuate, and the chances of the copper price falling sharply below US$3,800, or rising sharply above 4,000, are minimal.
There are 1,500 bear options (putting rights) at the 3,800 level and 2,700 bullish options (calling rights).
There were 2,970 bullish options at $4,200.
For other metals, three-month aluminum was quoted at $1,937 per ton, up from 1,929 last Friday's close. The three-month lead rose by $20 to 965, and three-month zinc rose by $26 to 1,485.
The three-month tin fell by 50 US dollars to 6,200/6,250, and the three-month nickel fell from 11,925 to 11,875.
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