Reuters commentary (9-15) LME: London Metal Exchange (LME) copper closed flat on open outcry trading on Wednesday, regaining earlier losses, and the United States' mixed economic data did not give guidance to this market. According to the division, copper is expected to remain in a range range, and consumers are buying and developing, and liquidity is at a low level, leaving the fund inactive. However, traders and analysts pointed out that the level of open interest is relatively low, which means that if the fund re-enters In the market, there is still room for a new round of fund buying. LME Copper: The three-month copper overnight market closed at $2,769 per tonne in a composite transaction, detaching from a previously hit low of 2,756.50. An analyst at Barclays Capital International stated: "Continuation of copper futures Consolidation model... For the base metals outlook, the focus is on the extent to which global economic growth is slowing and when the current slump will end. “In August, industrial production in the United States was almost stagnant, as production from mining and utilities declined. It almost overshadowed the strong performance of the manufacturing sector. In August, industrial production rose by 0.1%, far below the 0.5% expected by Wall Street analysts. In addition, another report showed that the U.S. company’s corporate inventory growth exceeded expectations in July and New York In another report, the Reserve Bank stated that the activities of manufacturing companies in New York State were revived in early September. Kemp, economic analyst at Sempra Metals, said in the report whether the stagnation of manufacturing production was temporary or a more permanent decline. At the beginning, it is still too early. The three-month aluminum settlement price of LME rose by US$7 to 1,708. The performance was stable on that day and supply doubts brought support. The Chinese alumina customers may face delay in delivery of alumina from Jamaica due to the hurricane. Ivan (Ivan) has caused the destruction of all major manufacturers in the region. COMEX Copper: Copper futures on the New York Mercantile Exchange (COMEX) closed modestly lower on Wednesday, traders said, when New York State manufacturing data jumped to stimulate the dollar At the time of the upturn, the early gains in copper futures came to an abrupt halt and US industrial production data was weak. Traders added that although the copper market conditions have been very quiet recently and have been fluctuating in ranges, the market outlook is not clear. A copper trader said: After the New York state manufacturing data was released, it apparently brought support to the US dollar, and copper futures suffered some profit-taking sales. "The benchmark December copper closed down 0.85 cents at 1.2715 US dollars per pound, and the intraday trading ranged from 1.2660 to 1. Swaps between 2860 U.S. dollars. The spot September contract closed down approximately 1.05 cents at $1.2675 per pound. The rest of the month's contract fell 0.70 cents to 0.90 cents. The projected volume was 7,000, Tuesday's 6,894.
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