Sucden Financial issued the base metal daily on July 4th that London's base metals market opened steadily and the market had a large number of two-way trading activities. In the morning, the market was only below 3,600 points.
Large trading volume in the smaller range is proof, but the winner of the day was 3,500 call options contracts, which in turn encouraged the market to cover short positions and eventually pushed the market to break through the resistance at 3,650. The market closed at 3,745. If the market sees any weakness, support is expected to fall back to 3,650. The question everyone now faces is whether this is the beginning of a new upward trend.
The market spread arbitrage trading still has good quotations. The market expects that the cancellation of warehouse receipts will increase further and the market will break through the upper end of the 3-month trading range. This market explosion is certainly slightly different from the previous technical breakthrough. When considering the large and sudden surge of warehouse receipts in the Far East, it is naturally expected that the cancellation of warehouse receipts will increase further, and it can be felt that most of these warehouse receipt requirements are speculative. Other base metals followed copper's gains, zinc prices rose, and the bullish market performed well. Most base metals remained within the recent trading range. They needed more market momentum to achieve further increases.
Large trading volume in the smaller range is proof, but the winner of the day was 3,500 call options contracts, which in turn encouraged the market to cover short positions and eventually pushed the market to break through the resistance at 3,650. The market closed at 3,745. If the market sees any weakness, support is expected to fall back to 3,650. The question everyone now faces is whether this is the beginning of a new upward trend.
The market spread arbitrage trading still has good quotations. The market expects that the cancellation of warehouse receipts will increase further and the market will break through the upper end of the 3-month trading range. This market explosion is certainly slightly different from the previous technical breakthrough. When considering the large and sudden surge of warehouse receipts in the Far East, it is naturally expected that the cancellation of warehouse receipts will increase further, and it can be felt that most of these warehouse receipt requirements are speculative. Other base metals followed copper's gains, zinc prices rose, and the bullish market performed well. Most base metals remained within the recent trading range. They needed more market momentum to achieve further increases.
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