London, November 23 news: London Metal Exchange (LME) copper intraday volatility on Wednesday, continued to be affected by the Chinese side of the event, lower than the final income. Traders said that due to the short covering after entering the market after the long liquidation in early trading, the competition between the two made LME three-month copper copper in the midday trade on Wednesday very volatile. The three-month copper fell to a level of nearly 4,000 U.S. dollars from the beginning, after which it rebounded strongly to 4,118, and closed at 4,090 U.S. dollars per tonne, down from 20 p.m. Market participants in London and China stated that the State Reserve Bureau of China will pay the deposit for the LME copper contract, which indicates that the State Reserve Bureau acknowledged the short copper position established by Liu Qibing. As a result, the profit-taking on the 22nd and the selling started to emerge. London traders also added that there was news in the market that the short position established by Liu Qibing was postponed. A trader said, “Today's trading is really thrilling. Some people were short-term copper in early trading, but then they were forced to make up for it. There were some trade buying that surfaced... Some bulls also re-entered, and the copper drama is still It will continue to be staged." Traders said that as hedge funds liquidated long positions in December, some selling began to emerge. However, after the event, with the small amount of transactions, LME copper began to rebound. Many traders are preparing to leave the city and are reluctant to establish new positions. Traders said that the U.S. has fewer messages due to Thanksgiving holidays on November 24 and 25, which may limit market liquidity. Copper inventories increased by 2,450 tons, leading to initial declines. Inventory growth can be attributed entirely to the 3,000 tons of copper shipped today to the Busan warehouse in South Korea. This is the second similar storage since Friday, which is likely to be China’s behavior. There are currently 24,350 tons of copper inventories at the Busan warehouse, plus in the Gwangyang section, a total of 41,050 tons of stocks available for delivery in December in South Korea totaled. The narrowing spreads and the Chinese market for copper stocks have caused the market to lose some of its upward momentum. Late last week, the copper price hit a record high of US$4,243 per ton. The reverse price spread between spot/three-month copper has narrowed to $165/166 from $200/210 early this week, and the inverse price difference between December/January has also dropped from $67 to 53. Some market sources say this implies The bulls are ready to give up the squeeze. ** China's National Reserve continuously sells copper ** Traders said that the China State Reserve Bureau (SRB) sold about 13,500 tons of copper in the auction on Wednesday, but failed to shoot another 6,500 tons, which was seen as a bearish market trend. The State Reserve Bureau may also bid for 60,000 tons of copper in three batches. The State Reserve Bureau has recently been caught in the center of industry rumors. It is alleged that a Chinese copper trader established on behalf of the State Reserve Bureau has established short positions of up to 200,000 tons of copper, betting on prices to fall. However, the market has hit new highs. It is rumored that the above short position has been extended to 2006 or 2007. Traders said that the Chinese Ministry of Finance may provide financial assistance to the State Reserve Bureau to end the crisis that may be triggered. Adams of Basemetals.com stated in the report that “the more important situation yesterday was that China seemed to agree to the additional margin, which implied that at least the relevant authorities in China are in compliance with the trading rules. Now that they have taken responsible actions, they also indicated that they may have already solved the problem. The issue, or has already formulated an exit strategy." In terms of other base metals, aluminum futures rebounded from their lows and rose by 20 dollars to 2,060 yuan per tonne. It looks like it will test the recent 10-year high of 2,069. LME’s three-month aluminum futures trend is boosted by news that Alcoa will increase its official capacity at the 95,000 tonne-a-year-old Eastalco smelter in Maryland on December 19. Alcoa said it has no ability to secure the smelter. Electricity supply can only be forced off. The zinc trend fluctuates, ranging between 1,590-1,632 US dollars, closing down 12 US dollars to 1,623. On Monday, zinc hit an all-time high of 1,659 in eight years, and the high level touched in July 1997 was at 1,675 US dollars. Nickel increased by 50 US dollars to 12,625, the lead fell 4 US dollars to 975, Tin fell 45 US dollars, reported 6,005. 5050 RGB,2121RGB Shenzhen Huangtai Photoelectric Co.,Ltd. , https://www.huangtailightstrip.com