?LME market: The London Metal Exchange (LME) metal prices closed slightly above the daily low on Wednesday and fell sharply afterwards as expectations for a faster US rate hike boosted the US dollar's strength. In the precious metals market, gold prices once fell 1.6%. To a one-month low of 423.85 US dollars an ounce. A trader said: "The dollar has risen. This is not good for metal prices." Traders said that zinc fell more than 4% during the period, due to the dollar's strength triggered fund selling, which triggered the stop loss The three-month Zinc Evening Market Composite closed at $1,327, down $60 from Tuesday's close, and once fell by 4.5% to 1,325 during the session, which was lower since February 16. The previous cycle of zinc rose to seven and a half years. The high point is 1,450 US dollars. "This is a benign amendment." Standard Chartered Bank analyst Baha said in talks about zinc. As zinc has already tested stop loss orders below 1,350/40, Baha believes key support is at $1,320. The British investor Barclays Capital International analyst Sternby said that in the past 18 months, metals have shown a strong correlation with the US dollar. However, this has become a self-fulfilling phenomenon, many hedge funds. Treat the field as a rule An effective approach to the dollar's weaker risk. "If the dollar strengthens further, it will definitely lead to a drop in the price of gold and may cause the base metals to move lower in the near term. But the fundamentals indicate that any weak exchange rate-related weakness in the base metals will be short-lived. The metal market is about to enter the second quarter, which is usually strong.†she said. Traders said that the market has not been able to retest the recent highs and become more and more nervous. The timing of the sharp decline has matured, probably due to the fund's strategy. The mutation was triggered. A fund source said that investors may be prepared to reduce their positions before the end of the fiscal year next week. "If energy prices fall, it could weigh on various primary metals because it will affect index funds." " All large macro funds still hold commodity long positions. When they no longer do this, things will become very interesting." Other metals also follow the trend of zinc and copper. Three-month lead fell by 18 dollars. At US$950 per tonne, three-month nickel fell by US$275 to 15,900. Three-month tin fell by US$175 to 8,175 per tonne. LME Copper: Three-month copper overnight market closed down 71% Yuan, to 3,208 US dollars per ton. Intraday once fell to a low of 3,200 US dollars a week. LME aluminum: three-month aluminum closed down 35 US dollars at 1,947 US dollars, hitting a two-week low of 1,942.5 COMEX copper: Traders said, Copper futures on the New York Mercantile Exchange (COMEX) extended its decline before the close on Wednesday as funds sold copper and other base metals. The Federal Reserve Board issued a warning yesterday on inflation. Indicator May copper fell 5.30 cents. At $1.4445 a pound, slightly lower than the key support level. The tail fell to 1.4430 once, close to the low of 1.4420 on March 2nd. The dollar rose to a one-month high, accelerating the decline of copper and triggering a Stop-loss sell orders. Some traders emphasized that the supply and demand fundamentals of copper and other metals remain strong. The spot March contract fell 5.15 cents to $1.4470. Other contracts closed lower than 4.10-5.15 cents. The final volume was 22,000, which was much higher than the 14,766 on Tuesday, indicating that the selling scale was huge. Source: China International Futures Agency Co., Ltd.
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