Reuters Review (10-20)

LME Market: The base metals mostly fell in open outcry trading Wednesday, weighed down by the technical selling period of the fund. The three-month copper closed at 2,817 US dollars per ton on Tuesday and fell to 2,750 earlier, but then regained lost ground in the evening trading session. "Stop loss selling was triggered at $2,777 and then recovered later," said one trader. "Approaching the 200-day moving average entry price of $2,750 has attracted some speculative buying, and has since forced the short selling price on the floor." After rebounding into the 2,770/80 zone in the late-night mixed trade, it will cover its part. Today's trend is driven entirely by technology. There is no news. "However, the fundamentals of tight supply bring potential support. LME stocks decline, Labor disputes, as well as declining production, brought stability to the market and prevented a greater decline. Traders said that although the weaker dollar is not the main factor influencing today, it also provided support for the low price of the period. The US dollar is against some major currencies today. It fell to a new low of several months, dragged down by momentum funds after more technical support was broken. The dollar fell to 1.26 U.S. dollars against the euro in the New York currency market at the beginning of the session, only compared to the ones hit in February. The historical low of 1.2927 U.S. dollars was higher than 0.03 U.S. dollars. However, the price of metals showed a turbulent trend in the light trading. Many investors retired and waited on the sidelines, as last week’s massive sell-off of funds caused investors to trade cautiously. LME Copper: Three Copper prices closed at $2,800 a tonne on Wednesday, down $17 from Tuesday's close. LME Aluminium: Three-month aluminum closed at $1,746, down $19. COMEX Copper: Copper closed modestly higher on Wednesday, followed by a short-term return. Remedial buying boosted most of the time due to profit-taking pressure and remained below the plate. Indicators December copper closed up 0.45 cents at $1.3015 per pound, and intraday trading ranged from 1.2650 to 1.3070. Spot month 10 Copper rose 0.30 cents to $1.3060 a pound, and other monthly contracts rose from 0.25 cent to 0.45. However, traders said that intraday trading was light and copper prices were mostly driven by intraday trading. • The estimated volume was 17,000, up from 7,171 on Tuesday.