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On July 28, the LME metals were reviewed

by:Deyuan      2020-12-23
London, July 28, the London metal exchange ( LME) Copper futures rose on Thursday, because of the federal reserve ( 美联储) Keep interest rates unchanged on Wednesday after a weaker dollar, and some main consumer demand in China is expected to stabilize.

London time on July 28, 16:00 ( Beijing time on July 29 00:00) Three-month copper rose 0. 96%, to 4896 per ton. $5, hit on Wednesday a two-week low of $4830.

the Wall Street journal, the dollar index fell 0 at the end of the market. 1%, today most of the time to rise. Analysts said the weakness in the boost from the original base metal prices, help to erase most of the decline in the previous session.

New York BGCPartners base metals, says MichaelTurek director & other; Today, no big deal, just after the FED meeting dollar weakness slightly push metal prices higher. ”

China's demand for copper fell sharply in recent years, because of the slowdown in growth and investment spending. Copper demand in China accounts for nearly 50% of global consumption, global copper consumption this year is expected to about 22 million tons.

OxfordEconomics, according to analysts DanSmith & other; Demand better than many people think that, because the infrastructure and increased spending power grid, we may see Chinese demand is good. ”

” Proposed new copper project in steady decline, the $4900 price is relatively low, copper prices over the next few months, are more likely to be higher rather than lower. ”

but traders said that producers in copper prices close to or past $5000 per ton hedge its copper output, or sell forward contracts.

in July will be released next week, a Chinese manufacturing pmi will provide clues to Chinese demand, according to the survey may still find it hard to grow.

other base metals is also higher.

the three-month aluminum up 1. 07%, to $1609 per ton.

the three-month zinc rose 1. 33% to $2205 per ton.

the three-month nickel in 3. 28% to $10695 per ton. Nickel ore supply for fear of the Philippines, China shandong linyi city a nickel pig iron smelting plant was shut down for the environmental pollution.

the three-month lead rose 0. 22% to $1803 per ton.

the three-month tin up 0. 42% to $17775 per ton.
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