Weak dollar boosts genus

The Standard Bank issued the base metal daily report on December 2. The base metal continued to rise in the morning on the 2nd, and the rising momentum of the 1st continued to spread. Although the market temporarily rests before the release of many economic indicators, the weak dollar still provides support. The focus of the intraday session this afternoon included the European Central Bank’s interest rate decision and Trichet’s press conference. The outcome of the meeting will have a very profound impact on the foreign exchange market, which will in turn guide the stock market and commodities. In addition to the European Central Bank, non-farm employment in the United States on the 3rd is also worth looking forward to. Copper continued to rebound strongly. The three-month copper of LME broke above $8,700/ton in the morning, but it lost momentum before the ECB statement and maintained a consolidation in the afternoon. The continuous tightening of the spread in recent months is still the main feature of the market, and the spread of the far-month contract is again tight. The near-month contract near the Zn phase in December also showed some signs of tightening, perhaps following copper performance, but it could also be attributed to changes in large-position holders. However, this situation seems to have improved on the 1st. Unlike copper, the tightening of the contract in recent months has attracted the base metal into the LME warehouse and the secured inventory has increased by 2,525 tons. However, the inflow of zinc stocks had little effect on zinc prices. Zinc continued to rebound strongly, followed copper futures, and in the afternoon it was supported by further weakness in the US dollar.