LONDON (MarketWatch) – London Metal Exchange (LME) zinc and nickel prices rebounded on Monday after the rally in the latter part of the rally, but cautious outlook for China’s demand outlook and a stronger dollar Suppression
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Robin Bhar, head of metal research at Societe Generale, said the price has bottomed out since the recent high back market has been bottoming down and now returns to a level closer to a reasonable price.
London time on September 25 17:00 (Beijing time on September 26 00:00), three months of zinc rose 2.1% to 3,096 US dollars per ton, the previous day fell to a week low of 3,000 US dollars per ton The
Tight supply, making the spot zinc than three months of zinc rose to the highest level since 2007, 66 US dollars, traders said, which may inspire the delivery of LME warehouse.
LME zinc registered warehouse receipts this year has accumulated more than 50% decline, a small number of entities hold the majority of warehouse receipts.
China introduced new measures to regulate the real estate market, coupled with long-term sovereign credit rating was down, hit the market demand for its metal is expected.
22 to 23, Xi’an, Chongqing, Nanchang, Nanning, Changsha, Guiyang, Shijiazhuang, Wuhan eight provincial cities intensive introduction of the property market control measures, of which six cities to implement the sale.
German business confidence unexpectedly deteriorated in September, suggesting that the German economy in the next few months or will lose some momentum.
In addition, the Federal Reserve in December is expected to raise interest rates, boost the dollar stronger.
According to sources, some banks have reduced their credit lines for smaller South Korean trade enterprises that hold industrial metals due to the escalation of tensions in the DPRK.
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Traders said concerns about the registration of Korean warehouses have pushed up spot nickel, copper and aluminum premiums over three months’ contracts close to several-year highs.
The US Commodity Futures Trading Commission (CFTC) reported on Friday that the week ended Sept. 19, hedge funds and management funds were holdings of COMEX copper futures options.
Three-month nickel closed up 1.5% at $ 10,580 a tonne and fell more than 8% on Thursday and Friday after the Shanghai Futures Exchange raised its handling fee to curb speculation.
Three-month copper fell 0.1 percent at $ 6,450 a tonne. On Friday, copper hit the lowest since August 16 at $ 6,366 per tonne.
Three-month aluminum closed down 0.5 percent at $ 2,148 a tonne.
Three-month lead fell 0.3 percent at $ 2,475 a tonne.
Three-month tin settled 0.9% higher at $ 20,700 per tonne.
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