Four-month rally in LME base metals in early 2007 likely more "fundamentally based" than driven by heavy hedge fund buying of the past, says Jim Lennon, metals analyst at Macquarie Bank in London. April 17 peak in LME base metals index was not accompanied by sharp run-up in open interest as seen in 1H06 rally, suggesting trading is a better reflection of widespread falls in reported stocks. LME 3-month copper firm in early Asian dealings at $7,745/ton, up $86/ton or 1.12% on Friday's PM kerb; LME 3-month aluminum firms to $2,854/ton, up $44/ton or 1.6% on Friday.
豫公网安备41010502003434号