NEW YORK (Reuters) – Base metals prices on the London Metal Exchange (LME) rebounded on Monday as investors and consumers took advantage of the chance of falling prices on Friday, with the largest metal consumer, China’s strong economic data, and Help support the market.
London time on September 11 17:00 (Beijing time on September 12 00:00), three-month copper closed up 0.8 percent at $ 6,748 a tonne, down 3 percent on Friday.
Three-month zinc closed up 1.7% at $ 3,083 a tonne, down 3.1% on Friday.
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However, analysts warned that the LME metal index since early June to early September rose 21%, the price is still further down the possibility of repair.
JP Morgan analyst Natasha Kaneva said copper prices are not in line with fundamentals and are expected to fall back to $ 5,600 in the fourth quarter.
“I think this is mainly due to the bargain-hunting after the sell-off on Friday, but the market is still tight,” said Robin Bhar, head of metal research at Societe Generale in France.
“The price has risen so much, it seems more than the fundamentals of the situation, there should be a stage of consolidation or correction.
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Bhar said he expects prices to fall 5-10% in the next few weeks or months.
China’s inflation data in August showed higher-than-expected inflation data in August, and the consumer price index (CPI) rose another seven-month high, while the producer price index (PPI), which maintained positive growth for a year, also hit a four-month high. In the case of
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North Korea did not carry out missile tests on weekends, also made the financial markets relieved.
Among the other base metals, the three-month lead was 0.5% higher at $ 2,277 per tonne.
Three-month nickel rose 1.5 percent to $ 11,750 a tonne, down 4.7 percent on Friday. In the case of
Three-month aluminum rose 1.1% to $ 2,122 a tonne.
Three-month tin closed up 1% at $ 20,750 per tonne.
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