Standard Bank Fund released July 12 is a daily, said the fund is stillremain range-bound trading. Although copper, zinc and lead was a considerable volume, but the current price level, the market for these funds is the actual demand is almost negligible.
As said yesterday, resulting in the root of the idea lies not only inShanghai and the LME copper price arbitrage than in the latter hit $ 9,500 / ton after the disappearance, but also in COMEX copperspeculative net long positions increased.
As of July 8 when the week, COMEX speculative net long position incopper increased significantly 101.6 tons to 215.0 tons, mainly due to speculative long positions increased by 124.1 tons, while thespeculative short positions increased by only 22.45 tons, the currentnet speculative the level of long positions over the 2010 average of193 tons.
The supply side, Chile weather causes disruption can occurCollahuasi copper mining, the report shows that the mine operatorsare back to normal. In addition, there are indications that, Codelcosign copper workers strike coming to an end.
In recent years, copper supply tight market fundamentals lag is the main reason for any interruption in production can stimulate highercopper prices. However, the global macroeconomic environmentcombined uncertainty can be found in the short term supply disruptions caused by rising copper prices, the market may soonfeel the downward pressure.
