Reuters commentary (7-30) LME market: The London Metal Exchange (LME) base metals mostly closed higher on Friday, as the US’s published gross domestic product (GDP) was weak and the US dollar was under pressure. Standard Bank analysts said. "The weakness of the US dollar has made the underlying metals relatively well and seems to have detached from the recent low." US GDP growth in the second quarter was 3.0%, which was 3.6% lower than analysts' estimates, and it was also 3.9% lower than in the previous quarter. 1712 GMT The euro was quoted at $1.2011 against the US dollar and once rose to 1.2120 during the session. The analyst expects that the base metal will perform well in August. He said, "If oil prices continue to climb, commodities may be used to hedge inflation risks." He said. "Time copper is the key. There is a double top at the level of $2,860. If it rises above that level, it will give the market quite a bit too much signal." LME copper: Three-month copper closed at $2,816 per ton, up from 2,786 on Thursday. Spot / three months futures reverse price difference is 100 US dollars. LME Aluminium: three-month aluminum closed up 7 US dollars to 1,696 per ton. Traders said that the price distortion may form, spot / three months of 4.50/2.50 US dollars The spread may turn into a reverse spread. COMEX Copper: New York Mercantile Exchange (C OMEX) copper closed at an 11-day high on Friday, weighed down by weaker US gross domestic product data, dragging down the US dollar. In addition, a further decline in the already low metal stocks also gave the market additional support. The main September copper closed 1.45 cents higher at $1.3080 per pound, and the intraday trading range was between 1.28 and 1.3130. The latter was at a higher level since July 19. The spot August contract rose 1.65 cents. Reported at $1.3080. Other distant month contracts rose by 0.40-1.60 cents. One market commenter said, "The period of copper exceeded $1.30, mainly due to the reduction of copper stocks in Shanghai, the increase in China's base metal prices, and the weak US GDP data dragged down the US dollar. Influenced by the pressure. "He thinks that the next resistance in September is at 1.31. If it can break through, it may trigger further fund buying. The technical support level is around 1.2650-1.27. However, trades emerging at the high point of the session are trading." Selling pressure and euro's profit-taking limit period copper gains. Source: Sunshine Technology
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