Copper push dollar hedge warming trend continued callback – copper, the stock market – the HVAC industry
HC HVAC & R Network Because of lower risk aversion by the market demand for investment goods affected, London Metal Exchange (LME) copper 19, weak pullback trend continuation. LME three-month copper closed at 7,696 indicators dollars, 16 dollars to close at 7,763. Copper prices hit an intraday recent low of 7,610.25 dollars. Stockpiles, LME copper stocks fell 1,525 tonnes to 19 tonnes 507,875.
Disk view, Goldman Sachs incident heavy pressure on the economic recovery of market confidence, exacerbated by short-term market risk aversion of the temperature, thus pushing the dollar, investment demand for commodity markets has brought negative pressure. This is a significant retracement of the recent base metal prices the main reason. However, the long term, stock decline and recovery in global demand, have provided strong support for the copper, copper short-term correction is expected to return after the rally.
LME copper on April 13 the week in the 7,808-8,030 U.S. dollars / ton ranges, rendering the price shock state. Both long and short copper fund balance of power is the cause of unilateral market price of copper is difficult to get out the main reason. According to CFTC position showed copper bull on April 13 week Masukura 2,895 to 53,348 hand-hand; short Masukura 2,394 to 30,396 hand-hand. Analysts believe that 13 positions from CFTC4 structure, the copper fund both long and short dollar 8,000 / ton in the vicinity have great differences, both sides equal strength. Stop short of a small amount of copper traders appear accompanied by volatile activity in copper, commercial transactions, more positions reflected in hedging transactions.
Agency point of view, Macquarie firm has pointed out that copper mixed short-term prospects, although the stock continued to increase, but the recent rebound in copper prices remain, as some investors worried about the future of the market held tight. Macquarie further emphasized that the supply constraints and demand-side growth of the active copper is a huge boost optimism, so any retracement may have been relatively short and small of. LME three-month copper from an intraday high of 16 down 3%, because the United States Securities and Exchange Commission (SEC) accused of fraud Goldman Sachs. Macquarie believes that strong support for copper at three U.S. dollars / pound (6,615 U.S. dollars / ton) near the Chinese State Reserve Bureau may at this price under the purchase, and if copper prices fall below this support, the availability of old scrap metal will be reduced. Prior to this, Goldman Sachs will raise the average price of copper in 2010 was 3.52 U.S. dollars / pound, the first quarter of 2010, the average price was 3.29 U.S. dollars / pound, first half of the average price of 3.42 U.S. dollars / pound, the second half of 3.63 U.S. dollars / pound.
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