June 8 AMT evaluation

The following is a daily review of base metals transactions published on June 8 by Amalgamated Metal Trading Limited (AMT), a leading brokerage of the London Metal Exchange (LME). Copper: Trading is quiet. The support level is at the 3220/25 US dollar level. It is expected to trade in the 3220/3320 range in the next few days. Aluminium: Further liquidation pressured the market, trying to test the recent support level. Lead: Trade buying seems to be supporting the market, but it is expected to continue. Zinc: After a weak overnight closing, it rose strongly to $1315 in the morning. Due to the copper pressure, the selling price will eventually push the zinc price below 1300 US dollars again. Tin: The long liquidation and new selling price put the price of tin under pressure. The weak closing is expected to bear further downward pressure. Nickel: After closing lower overnight, CTA selling pushed the price below the support level of $16,000, hitting a low of $15,850 and ending at $15,925. Although inventory is still at a low level, the market may turn into a bear market.

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