LME--Resumption of copper due to the buying of the US Gulf Tropical Storm Ignition Fund
Copper on the London Metal Exchange (LME) closed higher on Tuesday, and was once driven by speculative buying to hit record highs. The market is concerned that another hurricane may threaten US Gulf oil production.
A source from Odey Asset Management stated that after Katrina, the market seized more rumors that he would like to hear - the rate hike cycle will slow down, but people are increasingly aware that a hurricane is unlikely to affect monetary policy. But these ideas of betting on inflation have pushed up oil prices and metal prices.
Three-month copper closed at $3,685/ton in late-night mixed trades, up $62, and closed at 3,623 on Monday. It once hit another record high of 3,725 hit earlier this month.
Barclays Capital International analysts said that commodities attracted universal buying, and there were also consumer buying at lower prices. Given the toughness of copper prices and the strong spot premium, some passive short-coverings in the market have emerged.
The previous cycle of copper fell to 3,493 US dollars, mainly due to inventories rose to an 11-month high.
Bache Financial Minerals analysts said that investors tried to verbally suppress market trends, but copper fundamentals remained strong. When people expect a large influx of inventory, the increase has slowed sharply and the market has been in tight supply.
Many commodities have followed energy gains. Katrina has hit the Gulf of America for less than a month, and Hurricane Rita may disrupt oil production in the region. This concern raised oil prices by about 7% on Monday.
At 1544 GMT, U.S. light crude oil futures reported at US$65.14 per barrel. Katrina made a record high of US$70.85 on the second day and then fell back.
Gold is also full of momentum, hitting an 18-year high of $470.70 an ounce as investors seek hedging against storms, rising energy prices and inflation threats.
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