August 9 AMT evaluation

The following is a daily review of base metals published on August 9 by Amalgamated Metal Trading Limited (AMT), a leading brokerage of the London Metal Exchange (LME). Copper: The day's performance was weak and the closing price was below the recent support level of $3530. LME copper stocks rose again, leading to speculative long positions in the market. It is recommended to sell in rallies. Aluminium: It fell in tandem with copper movements on that day and then found support near the 1840 level. Then it briefly rose to 1855 U.S. dollars, and closed down to 1849 U.S. dollars, which was a technical weakness. Lead: The USD 825 support level rebounded strongly and recovered to USD 840. Zinc: The performance was weak on the day, lowering the low of $1255. It is recommended to sell in rallies. Tin: On the same day, it was suppressed by the fund's selling pressure and fell to a low of 6,850 US dollars. It then rebounded slightly to 6875/80 US dollars, but the closing price still closed lower. Nickel: A slight decline on that day was mainly affected by other major base metals. The current strong support is located at $14,200.