LME Market: The basic metals were mixed on Wednesday, and the uptrend was hampered by the upper resistance. A trader stated that "both copper and aluminum futures suffered from selling after the release of US data, but today's trend is somewhat lacking in direction." "Price should be Entering the new trading zone, copper will still need to work hard to break through the 3,000 barrier. "The U.S. trade deficit was less than expected and the U.S. dollar fluctuates. The U.S. dollar fell to a record low of $1.3005, but then it reduced the decline, which also affected the Metal market sentiment. Traders said that the interest rate decision announced by the Federal Reserve (FED) later this evening will not have much impact. It is widely expected that the Fed will raise interest rates by 25 basis points and raise the federal funds rate to 2.00%. LME Copper: Three-month copper was quoted at $2,960 per ton, which was $18 lower than Tuesday's closing price. The copper rose once in the middle of the afternoon, but faced selling pressure near 2,990. The price fell slightly. Spot/three-month reverse spread Reported at 122/132 US dollars. Man Financial analyst Mel said, "We look forward to trading incentives to promote copper prices to break through the key psychological resistance at 3,000 US dollars." But he is uneasy about the current high prices. Growth rates in many key areas like All have slowed down. Faster next week we will get clues to show the economic conditions of the United States in October, which may be as weak. "The other metals are mixed. LME Aluminium: Three-month aluminum fell back below 1,800, late evening consolidation The closing price of the transaction fell $10 to 1,791. COMEX copper: Copper futures on the New York Mercantile Exchange (COMEX) closed lower on Wednesday, hitting a five-week high before, but traders said that after the euro fell against the US dollar from a record high, The sharply rising copper suffered profit taking. One trader said, “The euro (Eurodollar) hit a new high in early trading, but quickly fell to 1.50 points, and then all metals fell.†Indicator December copper closed down 1.25 US Divided to 1.3630 US dollars per pound, hitting the high point of 1.3840 since October 4 earlier. Today's low was at 0.5510.11 month copper fell 0.55 cents to 1.3830 US dollars. The final sales volume was estimated at 16,000, which is higher than Tuesday's 13,347. After the US recently raised interest rates, it remains to be seen if the copper futures will continue to expand further on Thursday. A trader said, "They raised rates by 25 basis points, and the announcement after the meeting was about the same as last month. Basically all in the market." But after the dollar one day How to react, or copper will determine short-term direction.
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