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A series of economic data that China will release next week may show that the economy is showing signs of stabilization, but analysts say more support measures are needed to cope with the downturn in the real estate industry and the sluggish export.
At 16:00 London time on June 4 (Beijing time on June 5th at 00:00), three-month copper closed down 1.6% at $5,915 per tonne, the lowest in six weeks.
Copper futures also closed below the 100-day moving average, and some investors believe that falling below this level may indicate further weakness, which will stimulate them to sell more.
From the seasonal cycle, China's strongest demand for copper is about to pass, and manufacturers will face a slowdown in summer production, which has led to expectations of a decline in demand in the coming months.
Robin Bhar, head of metal research at Societe Generale, said: "The demand season has passed and we are entering the phase of summer consumption decline, when demand is reduced and supply continues to increase."
"For the rest of the month, I think the price of copper will remain volatile and tend to go down. The reason is that the premium is weak, the discount on scrap copper is high, and it may be better after summer demand," said Nomura Metals analyst Patrick Jones.
BNP Paribas said that the nickel market is still "waiting for Godot", as the tight supply expected late last year has not yet become a reality. Weak nickel demand and nickel pig iron production were stronger than expected, which delayed the supply shortage in the nickel market.
BNP Paribas metal strategist Stephen Briggs said: "We still expect a large supply shortage in the nickel market in 2016, but it will take more time to use up excess inventory."
Investors are closely watching US non-farm payrolls data, which will determine the dollar's movements, which in turn will affect the price of copper in dollar terms.
LME base metals closed down on Thursday. Three-month aluminum closed down 0.6% to $1,743, but industry and traders said on Thursday that China's imports of raw aluminum ingots may rise in the coming months after aluminum prices fell in the global market, spurring end users. Buy. The news limited the decline in aluminum prices.
Three-month tin fell 1% to $15,450, but analysts said LME tin stocks steadily reduced to the lowest figure since December 2008, suggesting that there is little room for further declines in tin prices.
Three-month zinc fell 1.3% to $2,142.
Three-month nickel closed down 0.4% at $12,950 a tonne.
Three-month lead fell 1.3% to $1,927 a tonne.
Summary of the London Metal Exchange (LME) copper futures fell below $ 6,000 a tonne on Thursday to six-week low, due to signs that the world's largest copper consumer - sluggish demand from China, and more extensive financial and commodity markets have risk-averse sentiment . A series of economic numbers that China will release next week...
London Metal Exchange (LME) copper fell below $6,000 to six-week low on Thursday, as signs indicate that China's largest copper consumer, China's low demand, and broader financial and commodity markets have a risk aversion.