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Data released by the U.S. Commodity Futures Trading Commission on Monday showed that hedge funds and money managers increased their net long positions in New York Mercantile Exchange copper futures to a record high of 200,000 hands in the week ended March.
Basic metals were suppressed by the overall strong trend of the U.S. dollar. The U.S. dollar was close to its high level this year against a basket of currencies earlier, and then stabilized.
Three-month zinc futures ended higher at $3,000 per ton, retreating from a 2018 high of $1,000 earlier. Zinc prices have risen by about % so far this year.
The main contract of Shanghai zinc once rose by .% due to expectations that China's demand for alloy steel will increase. The contract closed up by .% to , yuan.
Three-month lead ended up .% at US$1.00 per ton, hitting an intraday high of US$1.00, a new high in 2018.
Three-month tin ended down .% at $3.00 per ton, having earlier touched a near one-month low in $1.00.
Three-month nickel ended .% higher at US$ per ton.
Three-month aluminum closed flat at US dollars per ton.
Basic metals are regarded as a bellwether for China's industrial activities, and their overall downward trend is the same as that of the iron ore market. Asian iron ore futures fell sharply on Tuesday after a frantic rally to multi-year highs over the past week as weak steel prices in China curbed bullish bets.
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