Standard Bank Ratings: Profit-taking to crack down on base metals The price has risen earlier, as COMEX has followed up with LME, and soon, profit-taking sales have appeared. The base metal price was hit by long profits and stop-loss selling. At the same time, the performance of the US economic data is also positive and negative. The ISM non-manufacturing index for June was 59.9, lower than the expected 63. However, new orders and employment data were higher than last month, which prompted the US dollar to rebound and stimulated speculative selling in the base metal and precious metals markets. The positive performance of US economic data will stimulate interest rate hikes and benefit the U.S. dollar. On the other hand, stocks are close to historical lows and strikes continue. It is expected that prices will fall back early. Crude oil prices began to rise again, with an increase of more than US$4 a week. Copper: Technically, 2660 is the support for retesting highs. Aluminum: Technically, support is at 1715 and resistance is at 1740. Source: China International Futures Brokerage Co., Ltd.
