Reuters commentary (8-13) LME Copper: Copper futures rose 2.92% on Friday, due to weak US economic data and stronger euro. Traders said, "The market seems quite calm earlier, but after the release of data in the US, the situation has abruptly changed. “The U.S. announced that the trade deficit in June expanded to a record high of US$55.8 billion, an increase far exceeding expectations, and the U.S. dollar fell sharply. The U.S. dollar fell after the initial value of the consumer confidence index at the University of Michigan fell to 94.0 from 96.7 the previous month in August. It fell further. Three-month copper ended higher at $2,853 per ton, compared with 2,772 per tonne on Thursday. Traders said, "From the weekly closing, this is a better performance for copper since April." Traders said. A series of stop-loss buying was triggered to push copper higher. British trader Barclays Capital International analyst Steinby told Reuters, “The uptrend is very strong today, CTA buying and the EUR/USD exchange rate movement are the main driving factors. "Technical resistance is at $2,860/65. LME Aluminium: Aluminum futures have risen to $1,728/ton, yesterday at 1,715. Traders said," Aluminum futures are solid. There was a intensive sell-off above 1,725, but in the short term. 1,750 should be a reasonable target. "Aluminium stocks fell below 800,000 tons on Friday , for the first time since December 2001. Steinby said, "The technical trend has improved and there is significant upside." COMEX Copper: Copper futures sharply higher, but lower than the four-month high touched earlier Dealers and analysts said that the falling dollar caused technical buyouts by fund and traders, and that the copper accident in Chile was also backed by copper. The active September copper rose by 5.05 cents, or 3.98%, to close at $1.3180 per pound. The intraday trading range was between 1.2620-1.3350 US dollars, the latter is the highest point since April. Copper futures rose across the board on Friday, as both the US trade balance and consumer confidence data unexpectedly weakened, and the US dollar fell. , Incentives to non-dollar investors basic metal buying. It was reported that an accident occurred in El Soldado, the South African mining giant Anglo-American's Chilean copper mine, led to the death of five workers, but so far production has not been affected. Floor traders said the news also contributed to the strengthening of copper. August spot copper rose 5.10 cents to $1.3210 per pound, and December copper rose 4.30 cents to $1.3020. Copper trading volume was estimated at 26,000.
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