Copper and aluminum prices remain strong, focusing on US employment data
Overnight, the LME nonferrous metal market continued to rise, but the strength of each variety was different. LME copper prices rose 0.33% to close at $7,645 a tonne, while aluminium prices rose 1.91% to close at $2,143 a tonne. Today, the domestic non-ferrous market performance is more cautious, copper prices throughout the day to maintain a volatile trend, price volatility range is narrow, Shanghai Copper 1012 contract closed at 59900 yuan / ton, a slight decline of 140 yuan, position decreased by 1090 hands to 1944006 hands; Shanghai Aluminum 1012 contract slightly increased 35 yuan to 15690 yuan / ton.
The US's recent announcement of economic data continues to boost the price of nonferrous metals. New claims for unemployment benefits fell to 472,000 in the week ending Aug. 28, better than earlier market estimates, according to data released by the Labor Department. In addition, data released by the American Real Estate Association showed that the pending sales index of completed U.S. homes rose 5.2% to 79.4% in July from the previous month. Early market worries about the economic outlook eased again. Successful auctions of Spanish government bonds gave the euro zone another good sign and the dollar index remained weak. With the seasonal consumption booming, China's automobile sales rose sharply in August. According to the data released by China Automobile Technology Research Center, China's automobile production reached 1.242 million units in August, down 2.74% from the previous month, up 10.15% from the previous year; sales reached 1.215 million units, up 15.9% from the previous year, up 55.72% from the previous year. In terms of variety fundamentals, LME copper stocks increased by 700 to 399,000 tons, and aluminum stocks decreased by 3,275 to 4,432,000 tons. From the domestic copper market situation, due to excessive price rise, high prices, consumers are delisting, spot discount expanded to 250-150 yuan. But the arrival of the peak season still supports the price of copper. Aluminum market fundamentals are still different at home and abroad. Aluminum plants in Western Europe and the Middle East have recently cut or stopped production due to power problems, which has exacerbated the tight supply situation in the international aluminum market. State, the main domestic spot market aluminum stocks remained at 942 thousand tons, unchanged from last week.
On the whole, copper prices at home and abroad still have the potential to go up to the high point of this year's shocks. Trading can continue to hold long orders, while the 5-day average to stop the loss; aluminum prices are still strong, LME aluminum prices are still possible to test $2200, Shanghai Aluminum price volatility range is expected to follow the LME aluminum price move up, to maintain a more operational thinking. Focus on the upcoming employment figures released by the United States tonight.
