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London Metal Exchange (M) copper prices fell on Tuesday as the dollar held steady near monthly highs and traders locked in profits after a week-long rally after Trump's victory in the U.S. election inspired This wave of rising prices. On March 1, London time (Beijing time: March 1), three-month copper fell .% to a one-week low in U.S. dollars, and closed down .% at U.S. dollars per ton. Last Friday, it soared nearly % in intraday trading, reaching its highest level since the beginning of the year.
Analysts at Commerzbank said: It is possible for the dollar to fall below because there is no change in fundamentals... The outlook for copper has improved before the election due to economic data from the United States and China. The dust has now settled on that wave of trading, which rose last week on expectations of expanded U.S. infrastructure investment and could remain a glut for the copper market next year.
Last week, copper prices hit their biggest weekly gain since the beginning of the year, rising by .%. This round of gains was also boosted by Trump's commitment to infrastructure spending, which may lead to increased consumption of industrial raw materials. The main contract of Shanghai copper fell by .% to , yuan per ton.
M's report released on Tuesday showed that as of last Friday, the fund's net long position in copper during the trading period increased by 1% from the previous week, to 1,000 hands.
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