Sucden Financial issued the base metal daily report on July 13th, saying that the LME base metals were higher across the board in early trading on the 13th, as the market responded to China’s announcement of favorable economic data. China’s GDP in the second quarter increased by 9.50%, which was close to the expected value of 9.40%, while the industrial output in June increased by 15.1%, and the growth rate in May was 13.3%. In addition, the retail sales in June increased by 17.7%, which is higher than in May. 16.9%. Copper rebounded to US$9,745/ton, while aluminum slightly increased to US$2,500/ton, while lead held steady at US$2,772/ton. Zinc also rose, but failed to break through the resistance at $2,400/t.
The early gains created the intraday highs for the base metals. In the western trading session, the base metals generally retreated and the intraday price was close to “unchangedâ€. The market's short-term direction for industrial commodities remains uncertain, as investors' preferences for risk are constantly changing. The European debt crisis is still the sharp focus of investors, leading to market cautiousness.
The dollar weakened against the euro. Regarding the Fed’s monetary policy, Fed Chairman Ben Bernanke's speech to the Congress was more “dove†and reiterated that the U.S. economic growth is still moderate. The dollar’s ​​move triggered a new round of short covering activities in the base metals market, with copper exceeding US$9,700/ton and rising to 9735/40.
However, once the short position is covered, the market will leave a vacuum and the price will fall again, and it will be very rapid. Lead and copper have become the main victims. By 5 pm, the base metals remained basically unchanged throughout the day. The trading volume in the afternoon session was very volatile and the trading volume was moderate.
Gold soared on the 13th, as technical resistance at $1,555/oz was breached. As of press time, gold rose to a new high of $1,588 per ounce, due to safe-haven investors increasing their positions in gold.
The early gains created the intraday highs for the base metals. In the western trading session, the base metals generally retreated and the intraday price was close to “unchangedâ€. The market's short-term direction for industrial commodities remains uncertain, as investors' preferences for risk are constantly changing. The European debt crisis is still the sharp focus of investors, leading to market cautiousness.
The dollar weakened against the euro. Regarding the Fed’s monetary policy, Fed Chairman Ben Bernanke's speech to the Congress was more “dove†and reiterated that the U.S. economic growth is still moderate. The dollar’s ​​move triggered a new round of short covering activities in the base metals market, with copper exceeding US$9,700/ton and rising to 9735/40.
However, once the short position is covered, the market will leave a vacuum and the price will fall again, and it will be very rapid. Lead and copper have become the main victims. By 5 pm, the base metals remained basically unchanged throughout the day. The trading volume in the afternoon session was very volatile and the trading volume was moderate.
Gold soared on the 13th, as technical resistance at $1,555/oz was breached. As of press time, gold rose to a new high of $1,588 per ounce, due to safe-haven investors increasing their positions in gold.
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