Copper on the London Metal Exchange (LME) slipped 1.14% late Tuesday. Traders said that due to a slight rebound in the US dollar, the fund has caused a sell-off. A trader said, “Some of the closely watched fund operations in the market are related to the US dollar. With the boost of the US dollar, the market is aggressively moving higher, but when the (US dollar) shows signs of strength, the fund immediately surrendered.†A trader said, “The foreign exchange market trend made the market lower during this time, but the market began to adjust on its own.†The dollar/euro fell to a record low of $1.3470 earlier on Tuesday, but the 1735GMT rebounded to 1.3424, but it was still lower than the end of Monday's New York market. 1.3395 on the plate. Calyon analysts said, “I think the impact of the foreign exchange market is somewhat excessive. The performance of the metal market in recent weeks has been unsatisfactory. Trades have been sparse and the trend has been sluggish.†Three-month copper closed down $34 to $2,956 per ton. Although most of the time today, it has been above the flat plate. Traders said that with the recent contractual distortions, investors are also clearing positions. The reverse price difference between the spot/three-month period at closing was $98, narrower than last week's 150. Three-month aluminum did not follow the lower copper, which was higher by $10 to 1,833 per tonne. Barclays Capital analysts said in a research report that “consumers are buying well and continue to support aluminum futures, partly because the exchange rate tends to be favorable and aluminum prices are relatively low.†But Maqsood Ahmed pointed out that the aluminum positions are huge, possibly It means that there is a big sell-off at some point. Copper futures on the New York Mercantile Exchange (COMEX) fell sharply on Tuesday. After the earlier slumping buying interest, a series of stop-loss sell orders were triggered as the selling momentum warmed up. A trader said, “The market has risen before the sell orders are triggered. But as the buyout subsides, the market loses support, turns down, and makes a lot of deals. During the downturn, a series of sell orders was activated.†The active March was about 3.25 cents to $1.3520 per pound, and the trading range was 1.3410-1.3950. The spot December contract closed down by 2.75 cents to 1.4060 US dollars per pound. In other months, the contract fell by 1.55 to 3.05 cents. Traders said they believe the recent profit-taking sell-off will continue as buying interest subsides at high levels. Although early in the month, some traders stated that as the year-end proximity, the fund and some speculators decided to lock in the profits in the past few days when the price of copper was relatively high. Although it fell today, traders pointed out that the decline is limited. A series of positive factors support the copper market, including stock exchanges at record lows, weak US dollar movements, and solid copper demand. Estimated volume is estimated at 18,000, much higher than 5,070 on Monday. The Chicago Board of Trade (CBOT) soybean futures closed lower on Tuesday, the market lacked new news and incentives, and the global supply and demand outlook was too bearish to trigger technical selling. At the time when the period touched last week's low, a series of stop-loss selling was triggered. Soybean prices range from about 7-3/4 to 10-1/2 cents per bushel. The January period fell about 7-3/4 cents to 5.22 US dollars per bushel. March soybeans fell 9 cents to $5.25 per bushel, hitting last week's low of 5.24. Arbitrage trading is active, as traders begin to extend the January period by approximately 30 days before the advance notice day. The growth of South American soybeans was good and the United States’ soybean production hit a record high, maintaining a bearish atmosphere in the market. In terms of soybean exports, Taiwan has purchased 33,00-60,000 tons of US soybeans; Thailand has approved the import of 2005 soybeans without tariffs, and the number is not limited. Thailand has imported more than 1 million tons of soybeans each year before it hit the bird flu. The United States is the main supplier. The market continues to rumors that China recently purchased two or three ship soybeans from the United States or South America. On Tuesday morning, the spot basis for soybeans in the Midwest was strong, as soybeans were still not good enough to buy. The crusher had to raise the price, resulting in damage to crush profits. ** Soybean meal and soybean oil also fell ** Soybean meal (bean meal) futures fell between 2.40 and 3.70 US dollars per short ton, and soybean meal dropped after the rise on Monday. In December, soybean meal closed down 2.40 US dollars to 156 yuan per short ton. In December, there were three deliveries on Tuesday. As of the end of Monday, the number of CBOT soybean meal registration orders decreased to 144, compared with 200 on Friday. Soybean oil futures also fell with soybeans, which closed about 0.13 to 0.34 cents lower each month. December soyoil fell 0.26 cents to 19.92 per pound. December soyoil delivered no deliveries on Tuesday. As of Monday, the volume of registered orders for soybean oil dropped to 1,386, compared to 1,486 last Friday. The Chicago Board of Trade (CBOT) soft red winter wheat futures ended lower on Tuesday as funds sold off in response to this year's global wheat harvest. Insiders estimated that the fund sold 4,500. The monthly period was about 6 to 7-1/2 cents lower per bushel, and the December wheat period fell about 6 cents to 2.87 dollars per bushel. The March contract fell 6-1/2 cents to 2.99. Traders and analysts pointed out that the short-term global wheat harvest continued to pressure the market. After the market rebounded on Monday, it continued to decline today. The trading volume of CBOT wheat was estimated at 19,838. Tokyo Commodity Exchange (TOCOM) natural rubber futures fell for the second consecutive trading day on Tuesday, weighed on by the selling of funds triggered by a stronger yen/dollar. Traders said that the abundant supply of physical goods has also caused market sentiment to suffer setbacks. The rubber opened up mixed and the far-month contract weakened, but as the yen strengthened in the afternoon, the decline gradually formed. The benchmark May 2005 contract settled down 3.1 yen to 122.0 yen per kg with a trading range of 121.9 to 124.8. In the remaining months, the contract fell by 2.7-4.0 yen. “The funds are still the main sellers, and they are trying to pressure the index contracts below 120 yen,†said a Japanese commodity broker director. “The plastic technology is very fragile, but there is no effective kinetic energy below 120.†Traders said that the Japanese fund tried to squeeze the long month contract to squeeze long positions. Funds and speculators used the yen to rise against the US dollar as an excuse to sell rubber, but the lack of new incentives led to a sharp drop in rubber prices. The dollar hit a record low against the euro, which fell to $1.3468 in late Asian trading hours. The weakness of USD/EUR spreads to the USD/JPY exchange rate. USD/JPY is reported at 102.55/59 yen, which was reported at about 103.15 yen late Monday in New York. If the index-adhesive contract completely falls below the important threshold of 120 yen, the decline rate of TOCOM rubber will probably increase. After the rubber fell below 120 yen at the end of November, its technical outlook deteriorated. As of November 25, the benchmark period has fallen by about 21%, reaching a 16-month low of 116.8 yen since the record high of 147.9 yen hit in mid-October. However, the indicator period rose back to about 120 yen around November 25. Last Thursday, the indicator period fell below 120 yen again, but it rebounded to 126.9 yen the next day. The volume of TOCOM rubber trading is expected to be 6,479, down from 7,954 on Monday. The open interest rose to 37,900 on Monday and 37,098 on Friday.
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