Reuters commentary (8-10) LME market: The basic metal price rose mostly on Tuesday and closed near the daily high. Investors waited for the US to publish the interest rate decision later. A trader said, “Today's market conditions are indeed average, and most of them are sideways. Finishing, but it seems that no one is short, the overall trend is to rise. "The US Federal Open Market Committee (FOMC) will announce the interest rate decision around 1815 GMT, and some analysts expect the Fed to raise interest rates by 25 basis points to 1.5%. However, in view of the recent weak data released, analysts have lowered their expectations of raising rates in the future. Man Metals' Mel said: "If the Fed announces its intention to change its tight monetary policy, it will be positive for the metal market because of the economy. The event will be motivated." LME Copper: Three-month copper, which fell sharply on Monday, rebounded today, boosted by early Chinese buying and short covering, closing at US$2,736/ton, which was US$16 higher than the closing price of Monday evening's composite transaction. However, fundamentally, the supply situation is still uncertain. The labor negotiations between the third largest copper producer in the world, the Cananea copper mine of the Grupo Mexico Group, are still in progress. The union said that both parties are expected to have a later strike on Tuesday. An agreement was reached before the deadline. She said that the strike in Cananea, Mexico, will affect up to 3,000 workers. Cananea annually produces about 130,000 tons of copper concentrates. Its SX-EW plant produces about 50,000 tons of refined copper annually. However, the Mexican Group The US subsidiary Asarco still faces the threat of strike, and a local union spokesman confirmed that the company's negotiations with the union will resume on August 16. LME Aluminium: Three-month aluminum eventually broke through the resistance level of 1,675/1,680 US dollars. , to close at 1,686 US dollars per tonne, up 21 US dollars. COMEX copper: Copper futures closed higher on Tuesday, fell to a 12-day low yesterday. Indicators September closed about 1.55 cents higher at 1.2570 US dollars per pound, intraday trading interval introduced At 1.2405-1.2580 U.S. dollars, the August copper future also gained 1.55 cents to end at 1.2610 US dollars per pound. The December contract rose 1.50 cents to 1.2460 U.S. dollars. Prior to this, Chinese buying increased the copper price in the London market. The short-covering of the self-operated traders in the early session of the New York market was triggered. Traders said that the weaker US dollar also pushed up the base metal prices. Market sources said that the market had expected the US to raise interest rates by 25 basis points on Tuesday. However, economic data showed that Weak, and oil prices rose sharply, allowing investors to rise further The pace and timing of interest rates are doubtful, and interest rate hikes will often be beneficial to the US dollar. Floor traders said, "Today's market opened lower as market participants sold copper initially and then had to make up for it." Market participants said the deal Afternoon continued to focus on the interest rate decision of the Federal Reserve Board (FED). "COMEX copper trading volume is estimated at 14,000, compared with 19,447 on Monday. From a fundamental perspective, traders point out that there is still uncertainty in copper supply, but copper stocks The decline has a supportive effect on the market.
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