Metal futures markets: copper and aluminium futures rally, but traders said it may not be sustainable|push in fittings

 

SHMET10 4th Reuters:
* Macquarie said China construction orders weak
* Nickel appeared oversold-Triland
* United States unemployment rate fell to a six-year low point, USD
Reuters, October 3-copper and aluminium futures on Thursday fell to multi-month lows on Friday after a rebound, but the trend may not be sustainable, traders said, as investors still fear that a stronger US dollar and weakening demand from China.
"Today, there are some stability has returned to rebound but I think this does not necessarily mean that the market turning point," said Stephen Briggs, a metals strategist at BNP Paribas.
The London Metal Exchange (LME), three-month copper rose 0.64%, at $ 6,642 yesterday fell 1.2%, and hit a five-month low of $ 6,600.
Copper futures closed lower this week 1.2% so far this year, down around 10%.
Slowing economic growth in Europe and China, the dollar rally and the prospect of increased supply forces weigh on copper prices.
United States September employment report released earlier today showed the unemployment rate fell to a six-year low, the Fed next year or even earlier expectations of interest rate rises.
"We will be watching for China's special iron and copper findings may be seen in my three years of the most disadvantaged," head of Macquarie commodities research Colin Hamilton said at the Reuters global base metal Forum.
"In the first quarter to keep after the good, now creating resistance to the metals industry in the construction industry, construction orders fell all the way. ”
Its State Statistical Bureau and the Federation of logistics and purchasing (CFLP) announced on Friday, the official September non-manufacturing business activity index fell to eight-month low of 54.0; 54.4 per cent last month.
China's financial markets were closed for the national day holiday from October 1 to 7th.
In the United States after the release of stronger-than-expected jobs report, the dollar hit a more than four-year high.
Three-month nickel 3.28% bounce back, at $ 16,550.
Triland brokers said "traders began to think that nickel in recent lows appeared oversold, especially yesterday after falling through $ 16,000. ”
Three-month aluminium rose 1.22%, at $ 1,912 a tonne, fell this week about 2%, to fall for four weeks.
Other metals, zinc 0.62% higher at 2,266 dollars, lead fell 0.1% to $ 2,078, three-month Tin closed unchanged, at $ 20,350 per ton

SHMET10 4th Reuters:

 

* Macquarie said China construction orders weak

* Nickel appeared oversold-Triland

* United States unemployment rate fell to a six-year low point, USD

Reuters, October 3-copper and aluminium futures on Thursday fell to multi-month lows on Friday after a rebound, but the trend may not be sustainable, traders said, as investors still fear that a stronger US dollar and weakening demand from China.

 

"Today, there are some stability has returned to rebound but I think this does not necessarily mean that the market turning point," said Stephen Briggs, a metals strategist at BNP Paribas.

 

The London Metal Exchange (LME), three-month copper rose 0.64%, at $ 6,642 yesterday fell 1.2%, and hit a five-month low of $ 6,600.

 

Copper futures closed lower this week 1.2% so far this year, down around 10%.

 

Slowing economic growth in Europe and China, the dollar rally and the prospect of increased supply forces weigh on copper prices.

 

United States September employment report released earlier today showed the unemployment rate fell to a six-year low, the Fed next year or even earlier expectations of interest rate rises.

 

"We will be watching for China's special iron and copper findings may be seen in my three years of the most disadvantaged," head of Macquarie commodities research Colin Hamilton said at the Reuters global base metal Forum.

 

"In the first quarter to keep after the good, now creating resistance to the metals industry in the construction industry, construction orders fell all the way. ”

 

Its State Statistical Bureau and the Federation of logistics and purchasing (CFLP) announced on Friday, the official September non-manufacturing business activity index fell to eight-month low of 54.0; 54.4 per cent last month.

 

China's financial markets were closed for the national day holiday from October 1 to 7th.

 

In the United States after the release of stronger-than-expected jobs report, the dollar hit a more than four-year high.

 

Three-month nickel 3.28% bounce back, at $ 16,550.

 

Triland brokers said "traders began to think that nickel in recent lows appeared oversold, especially yesterday after falling through $ 16,000. ”

 

Three-month aluminium rose 1.22%, at $ 1,912 a tonne, fell this week about 2%, to fall for four weeks.

 

Other metals, zinc 0.62% higher at 2,266 dollars, lead fell 0.1% to $ 2,078, three-month Tin closed unchanged, at $ 20,350 per ton

 

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