downloadcrashbandicoot4| CME copper prices hover high, and copper prices may rise further

Huitong Financial APP-On Thursday (May 16), the copper price on the Chicago Mercantile Exchange (CME) hovered near a record high on Thursday. The reason was that sellers were unable to deliver the metal and had to extend their positions. Therefore, buyers poured in, expecting copper prices to rise further.

One trader said those with short positions had decided to delay closing their positions until after June. Short positions can be bets on falling copper prices or producers selling their production for some time in the future.

But transfer costs will rise as the Chicago Mercantile Exchange increasesdownloadcrashbandicoot4Margin requirements for copper futures trading were revised to calm market fluctuations. The Chicago Mercantile Exchange Clearing House said in a notice that the U.S. exchange operator increased direct margins on copper futures by US$500 to US$5000, effective after the close of trading on Thursday.

Commodity traders, including Trafigura and IXM, have been affected by short selling pressure. They are seeking to buy copper on the spot market to deliver CME contracts.

A copper consumer told Reuters that major copper consumers had been approached to sell back their inventories.

Copper prices on the Chicago Mercantile Exchange have risen 27% so far this year, surpassing the increase on the London Metal Exchange (LME), creating opportunities for traders to buy on the LME and sell on the LME. This is called carry trading.

However, finding copper that can be delivered on the Chicago Mercantile Exchange has been tricky because most of LME's inventory is made in Russia, and the Chicago Mercantile Exchange does not accept Russian copper. Sources said Trafigura asked producers to move materials from other destinations to the United States.

Citi analyst Max Max Layton, chief executive of the company, said in a reportdownloadcrashbandicoot4:"We expect Comex's premium to LME to narrow as arbitrageurs ship physical units to the United States, but this will take time."

Ed Meir, an analyst at broker Marex, said technical signals have not yet pointed to a peak in Comex copper prices. "Although prices fell back from highs, they still closed with significant gains, especially for forward contracts, avoiding the plunges usually associated with peak-to-peak," he said in a note.

At 01:28 Beijing time on Friday, COMEX copper reported US$4.8875/lb, a decrease of 0.75%.

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