LME market: Affected by China's central bank raising interest rates, most of the base metals futures of the London Metal Exchange (LME) closed lower on Thursday, but they were narrowed by short covering. A trader said, “At first the market was heavily sold, but short-covered by the short-term.†China’s interest rate rise triggered the market’s concern that China, one of the world’s largest consumer countries, may lose its appetite for industrial raw materials. The bank raised the one-year benchmark lending rate from 5.31% to 5.58%, and raised the benchmark one-year deposit rate from 1.98% to 2.25%. This is the first time that China has raised interest rates in the past 10 years. The news also dragged down some mining companies. Stocks are lower as interest rate hikes are newer measures taken by Chinese policymakers to curb economic overheating, and the rapid growth of China's economy has stimulated a sharp rise in primary commodities and natural resources stocks. As China absorbs nearly one-third of the global Copper production, any measures to cool down the economy may seriously affect the price of copper. ABN-Amro Global Commodity Analyst Moore said, "I think the outlook for 2005 will have to be substantially reduced again." But raising interest rates on economic growth and the overall currency market The impact is not yet clear, and the market will pay close attention to the reaction of Chinese metal traders to interest rate hikes on Friday. NUMIS analyst Meyer said in a research report that “we think China’s goal is to ensure steady economic growth. Avoiding a hard landing, we therefore believe that the PBOC’s announcement today is bearish in the short-term, but it will not frustrate the fundamentals of the commodity market. “The benchmark three-month zinc fell by US$12 to 1,029 per month. Three-month lead collection The low of 18 U.S. dollars was quoted at 855 U.S. dollars. The three-month nickel fell by 40 U.S. dollars at 13,300. The three-month tin increased by 5 U.S. dollars to 9,030. LME copper: The three-month copper price fell 1.7% to close at 2,750 U.S. dollars. It fell to a two-week low of $2,725. Traders said that there are clear signs of short-covering, copper consumers and long-term funding at low levels. The People's Bank of China decided to increase the one-year deposit and loan interest rate by 27 basis points from October 29, 2004. The market is worried that the Chinese government will restrain the economy from overheating by raising interest rates, which will eventually lead to a drop in demand, which will put pressure on the market. However, Chile’s Codelco Copper Company expects that copper prices and China’s demand for copper will not fall as a result. Traders said that the copper market is still worried about another wave of selling pressure from the fund. It is expected that the three-month copper price support base for the three-month benchmark will be US$2,720, US$2,680 and US$2,660. The rest of the base metals also fell lower due to the impact of copper declines, but the decline narrowed at the end of the session. LME Aluminium: Three-month aluminum closed at 1,761 US dollars per tonne, down 9 US dollars the same day, fell to a low of 1,730 intraday intraday. COMEX Copper: Affected by China's central bank raising interest rates, Thursday, the New York Mercantile Exchange (COMEX) December copper It fell 3.45 cents to close at 125.35 cents. It was 124.80 cents lower and 129.30 cents higher. The People's Bank of China decided to increase the one-year deposit and loan interest rates by 27 basis points from October 29, 2004. Analysts said that the market is worried that the Chinese government will restrain the economy from overheating by raising interest rates, which will eventually lead to a drop in demand and will put pressure on the market. Traders said that the technical support at 124.80 cents since the big drop on October 13 was strong, and there were clear signs of short-coverage and speculative interventions near the point. At the same time, the decline in the US dollar will also support the market. December copper forward resistance is expected to be 129 cents, 131 cents and 132 cents. In addition, the market will pay close attention to the third quarter US GDP data released at 20:30 Beijing time. Estimates by economists increased by 4.3%, compared with 3.3% in the previous quarter. On the 28th, LME copper stocks fell 400 metric tons to 79,750 metric tons. On the 27th, COMEX copper stocks fell by 378 short tons to 45,720 short tons. According to one analyst, “China's rate hike measures caught the market by surprise.†In November, the spot copper fell by 3.05 cents to 1.2575 US dollars in November. The market has been expecting that China may tighten its monetary policy in order to cool the economy for several months. The timing of the rate hike surprised many market participants. The volume of copper traded during the period was small. An insider said, “There are no big buyers or sellers. There are some dealers trading, and the market is quiet for most of the time.â€
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