LME Copper: Copper jumped to a record high on Tuesday and pushed other base metals to close to highs of several years, helped by dollar weakness triggering fund buying. Three-month copper closed at $3,270 per ton, compared to Monday night trading in London The closing price rose by 25 U.S. dollars, but the profit-taking price that emerged late in the session was detached from the day's high above USD 3,290. Earlier copper rose to USD 3,300 in the electronic trading system, setting a new record high of 3,280 since January 1989. Standard Bank analyst Baha said: "Br_ copper hit a record high and is currently the focus of attention." An LME trader said, "Most of my clients are retired and watched in shock. Some short positions must be covered , but the number is not large." Man Financial analyst Mel said, "This seems to be related to the trend of the dollar," but he added that still have to look at whether the market can maintain the current level. Mel said that the copper is open. The contract reached a record high of 180,000-190,000, with 440,000 open contracts for aluminum. An analyst source said, "The more the price rises, the more it will have to fall again. Market fundamentals are extremely unreasonable. Trying to determine the top doesn't mean much It is better to step back and allow the fund to operate." Phelps Dodge president and chief operating officer Timothy Snider said that the bottleneck of the current copper smelter will be eased later this year and the market situation will be more balanced in the second half of the year. The US dollar fell sharply against the major currencies on Tuesday as investors speculated that with little data considerations, whether trade data to be released by the United States on Friday would rekindle market concerns about the US current account deficit. The dollar fell by about 0.9% against the euro. US$1.3330 USD/JPY fell 0.7% to 104.52 yen. A weaker U.S. dollar made dollar-denominated metals less attractive to investors holding other currencies. LME Aluminum: Three-month aluminum climbed to a 10-year high The decline in LME inventories also supported aluminum futures, zinc futures, and nickel futures. Three-month aluminum futures closed up 29 to 1,987, which had risen briefly to 1,988 previously. This level was higher since February 1995 when it hit 2,155. COMEX Copper: Copper futures edged higher on Tuesday, after rising to 16-year highs driven by speculative fund buying. Traders said that speculative funds took advantage of the dollar's decline to increase their long positions. Copper prices did not shrink at the end of the session, resulting in some transactions. Business Expectation Week Copper will open in the market period. Meyers, a senior trading analyst at Pioneer Futures, said: "Given that copper has risen above $1.50, it has not been above this level, indicating that the market is still struggling to break through 1.50. Copper is below this level. It is forecast that Wednesday's low should be expected. "Comex's 5M copper once rose to a 16-year high of $1.5210, but the closing price fell back to $1.4995 per pound and failed to stand above the 1.50 mark. The spot copper touched $1.52 in March. The high point closed at 1.4975, up 0.30 cents. As of Monday, the copper open interest increased by 1,898 to 117,216
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