LME Copper: Copper hit a record high on Tuesday and fell more than 2% in the last leg of the session to a low level as the dollar rally spurred a pullback. After the copper price fell below $3,300 at the late stage of the late night session, the copper price stopped losing and long. The settlement liquidated copper prices. The three-month copper fell sharply from the record high of $3,338 set earlier, to $3,267 at the closing of the late-night mixed trade, down by $41 or 1.2% from yesterday. The U.S. trade deficit reached a record high of 61.04 billion in February. Dollars. But although the widening of the deficit usually put pressure on the US dollar, some analysts said that the position of the US dollar may have already digested this factor. The US dollar reported about 1.2877 US dollars against the euro. It briefly touched 1.3016 before, and it was reported late on Monday in the New York market 1.2975. A stronger US dollar makes metals denominated in US dollars more expensive for buyers holding other currencies. "The price of copper fell after the release of US data. Basically, this data encourages investors to take profits. This is not surprising - The market is gaining momentum this week. "A trader said that although in the late afternoon, the copper market is expected to remain relatively strong in the short term - the price has risen 5% so far this year." There is no substantial change "The fundamentals are still good." Analysts said that due to investors' concerns about the forthcoming April contract, boosting the futures price of the Shanghai Futures Exchange to further rise, it also supported the copper market. The market speculated that China's national supplies The Reserve Bureau (SRB) will deliver 10,000 tons of copper. On April 7, the stock market in Shanghai was 22,157 tons. At LME, the spot/three-month reverse spread widened to 158/168 US dollars this week. This distorted state is focused on In the week of next Monday, the April data of LME futures shows the potential for further expansion of the reverse spread. A large long position holds 30-39% of the positions, while three short positions are held at 5-9%. LME Aluminum : Three-month aluminum fell 24 US dollars to 1,948, hitting 1,984 US dollars earlier. COMEX Copper: Copper fell sharply on Tuesday, copper rose in early trading, hitting a 16-year high once, but a stronger dollar curbed the copper gains. "Today's movements are all related to the U.S. dollar. After the reversal of the U.S. dollar trend, the entire metal market has fallen. We closed higher yesterday and it seems to be strong in early trading today, but it is gaining too much momentum." said Pioneer Futures senior trading analyst Meyers. Indicators May-month copper rose to $1.5360 per pound at the beginning The contract high, which was the first time since March 1989, was 2.90 cents lower than the final settlement, or about 2%, at $1.4960. The COMEX copper reached a record high of $1.6065 in December 1988. The spot copper fell in April. 3.05 cents, to 1.5115 US dollars per pound. Other distant month contracts fell 2.05-2.85 cents range, after a number of contracts have hit a new contract highs, but after a profit settlement pressure down. Today's estimated volume It was 23,000, which was higher than Monday's 17,352.
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