Reuters commentary (9-3) LME market: The London Metal Exchange (LME) copper closed lower on Friday, but fell off a five-week low hit in the session. Analysts said that the US dollar strengthened after the release of positive economic data in the United States. Analyst Ahmed, an analyst with Calyon, said: "The U.S. dollar has a huge impact on copper prices, but supply and demand, as well as the macroeconomic situation, are also weakening." The US added 144,000 non-farm payrolls in August, 6 In the month and July, the number of new jobs increased by a total of 59,000. After the release of the data, the U.S. dollar strengthened and the EUR/USD fell below 1.2100 U.S. Three-month nickel fell by 250 U.S. dollars to 12,200 yuan per tonne. Three-month nickel fell by 75 U.S. dollars. To 8,825. Three-month lead was unchanged at 840 US dollars per ton, three-month zinc rose slightly by 3 US dollars to close at 962 US dollars. LME copper: three-month copper closed at 2,702 US dollars per ton, detached from the low of five weeks touched by the afternoon Point 2,687. Closed at 2,730 on Thursday. Ahmed believes that the price of copper will be lowered to $2,490 over the next few weeks and will be tested at the end of the year by $2,200. Not all analysts are so bearish. Sternberg of Barclays Capital stated, " Copper prices have obviously moved to the low end of the trading range, but include funds and consumer companies. Many market participants took advantage of this adjustment of pickup, so copper prices rebounded from their lows.†Sternberg expects copper prices to remain firm during the year, supported by strong demand in the fourth quarter. LME Aluminum: Three-month aluminum fell by nearly 2% , From 1,687 USD per ton to 1,654. Intraday hit a low of 1,644.50 since June 15. Sternbe believes that today is a brief correction, the overall upward trend does not change. COMEX Copper: New York Mercantile Exchange (COMEX) Copper futures contracted to hit a 9-day low on Friday, but still closed lower, due to speculative selling pressure. The US non-farm payrolls report came close to analysts' estimates and prompted the dollar to rise. A New York Metal Exchange Businessmen said, "The dollar is the reason for the fund's sell-off. When the dollar weakens, they buy a large amount of copper to push up the price, but when the dollar is firm, they will enter the market to sell." But the trader also said, "At the end of the period, Short-covering buying and short-covering transactions occurred before the weekend. The market has been oversold and some technical buying will occur." Affected by the Labor Day holiday in the United States, the COMEX copper market closed early on Friday around noon. Closed on Monday, resumed on Tuesday Trading. The actively traded December copper closed down 0.85 cents at 1.2395 US dollars per pound, intraday fluctuations between 1.2545-1.22 US dollars, the latter is the lowest since August 25th. The spot month fell by approximately 0.70 cents in September. Divided into the 1.2405 US dollar. The far-month period closed down from 0.85 to close higher 0.10 US cents. The US government earlier announced that in August the newly added non-agricultural employment population was 144,000, slightly lower than the analyst’s previous estimate of an increase of 150,000. However, the new non-agricultural employment population in July and June totaled 59,000 people.
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