LONDON (MarketWatch) – London Metal Exchange (LME) copper fell from its three-year high on Tuesday, while other base metals also fell or slipped, as speculators and funds locked out some of their profits after rising prices.
London time on August 22 17:00 (Beijing time on August 23 00:00), three-month copper fell 0.1 percent, to $ 6,580 per ton, hit $ 6,649 in November 2014 since the highest price back Spit up. The day before the copper rose 1.5%.
Earlier in the session, metal prices rose, due to strong performance of mining companies, and there are rumors that part of the metal supply shortage, but analysts said there is nothing to support the price of new news.
“There is no news on the fundamentals that can push prices up further, so I think it might be dislocation and excitement,” said Robin Bhar, head of metals research at Societe Generale in London. ” ”
“I have to admit that copper, zinc and aluminum on the technical side there are some good upside break, but I think there is a little over-over, so it should be adjusted to the level before the rally out, the price of about $ 6,500, Less than $ 3,000. ”
Nickel and zinc, which are mainly used for steel production, have benefited from the expansion of Asian ferrous metals prices. China’s iron ore futures rose nearly 5% to five-month highs.
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BHP Billiton (BHP Billiton), an executive said on Tuesday that its Chilean Escondida copper mine in the six-week strike after the recovery faster than expected, the current output at a normal level.
Escondida for the world’s largest copper mine, the mine’s strike to the February and March of the copper market impact. The union of the strikers chose to resume the old contract, which would delay the negotiations on the new contract to next year.
Three-month nickel closed 0.9% higher at $ 11,415 a tonne, with intraday highs of $ 11,555 since December, after LME inventories fell on Monday.
International nickel research group (INSG) data released on Tuesday, June global refined nickel market supply gap narrowed in May, because China’s stainless steel production enterprises to increase production.
INSG data show that refined nickel production in June was 170,200 tonnes, almost equivalent to the demand of 170,600 tonnes, and the supply gap narrowed to 400 tonnes. May supply gap revised from 2,200 tons to 6,700 tons.
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Three-month aluminum futures settled down 0.3 percent at $ 2,075 a tonne, following an industry sell, after LME data showed an increase of 16,275 tonnes in certified inventories for the fifth consecutive day.
Three-month zinc closed at no glance, with sales up 0.2% at $ 3,118 and prices up to $ 3,180.50 on Monday, as speculative buying was driven by a severe shortage.
Three-month lead rose 2.9% to $ 2,416, while the three-month tin fell 0.7% to $ 20,350.
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