LONDON (Reuters) – London Metal Exchange (LME) copper fell from its 33-month high on Friday, as investors rallied their gains and adjusted their positions before the long weekend came.
Due to the British market holiday, LME market closed on Monday.
London time on August 25 17:00 (Beijing time on August 26 00:00), three-month copper fell 0.3 percent, to $ 6,666 per ton, earlier touched in November 2014 to the highest $ 6,747.
“I think there have been some profit taking and rolling positions before the holiday long weekend,” a trader said.
Since the beginning of June, LME six metal index has soared 18%, analysts said the industrial metal prices rally need to take a breather, the metal prices fell.
Julius Baer Commodity Research analyst Carsten Menke said, “I also think that copper prices overstep, it is time to amend, but every amendment requires a trigger point.”
He also pointed out that one of the triggering factors may be a rebound in the dollar, the other may be confirmed that the next few months the main metal consumer China’s economic growth will slow down.
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Friday’s data show that the Shanghai Futures Exchange copper stocks fell 8.2% this week to 18.7444 million tons, earlier support for the copper price.
Over the past six weeks, LME registered warehouse receipts halved to 112,950 tonnes.
Other basic metals, LME three-month aluminum fell 1.7 percent to $ 2,070 per tonne, after LME aluminum stocks continue to increase, about two weeks to register warehouse receipts increased by 10.75 million tons.
Russian aluminum giant Rusal said Friday its core profit rose 48% in the second quarter, helped by higher aluminum prices. Russia aluminum said the second half of the optimistic outlook, due to tight supply in China.
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Three-month nickel fell 2.2 percent at $ 11,485 per tonne.
Three-month zinc fell 1.8% at $ 3,063.50 a tonne.
Three-month lead fell 1.4% to close at $ 2,325 a tonne.
Three-month tin fell 0.8% to close at $ 20,325 a tonne.
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