LME Market: The London Metal Exchange (LME) copper surged about 5% on Friday, boosted by technical buying and short covering. An earlier short covering pushed copper to US$2,820 per ton, and the 1230 GMT US announced that it was Shortly after the expected gross domestic product (GDP) data, stop-loss buying was triggered and copper prices were further pushed up. The US preliminary estimate of third-quarter real GDP was growth of 3.7%, which was lower than analysts' expectations of 4.2%. The data boosted the euro against the US dollar. In 1615 GMT, the euro was trading at around $1.2750 against the US dollar, up from 1.2737 late in New York trading on Thursday, but well below the eight-month high near 1.2840 hit on Tuesday. LME Copper: 3 Copper prices closed at 2,882 US dollars per tonne, or 130 US dollars, or 4.7%. Copper closed at 2,752 U.S. dollars on Thursday. After China unexpectedly raised interest rates, the market continued to sharply weaken. However, analysts said that the impact of China's interest rate hike on metals This may be limited. Strong buying of major metals also spread to other metals. LME Aluminium: Three-month aluminum rose 56 US dollars at 1,817 US dollars per ton, which is also a two-and-a-half month high. COMEX Copper: New York Mercantile Exchange ( COMEX) copper rose 6.7% on Friday and closed near its intraday high since Thursday. Rebounds caused by excessive declines triggered by rising interest rates. The benchmark December copper rose 8.40 cents to $1.3375 per pound, and the intraday trading range was between $1.2540 and $1.3385. The latter was the highest level since October 13. Spot month November copper rose 9.00 cents to $1.3475. The estimated final volume was 25,000. After the overnight Chinese buying, COMEX copper opened higher. China is the world's larger copper consumer. Dealers said the market China's reaction to raising interest rates for the first time in nearly 10 years was somewhat excessive on Thursday. An analyst said, "China's demand for copper is still growing. China's economic growth rate will fall from 8% to 7.5%, no big deal."
LSB Chipboard,LSB Wood,Bonzano Plywood,Chipboard Cricut
Linyi Fengzhize Trading Co., Ltd. , https://www.fengzhize.com