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Standard Bank Ratings: Prices Have No Clear Direction
Standard Bank Ratings: There is no clear direction for prices. Base metals are mixed, with aluminum and nickel being the only ones to rise because of short positions and technical buying. The US’s industrial production in August was flat, which is expected to increase by 0.5%, while it was revised upwards to 0.6% in July. However, the strong manufacturing activity in the New York area shows that the US economy is returning to a recovery track after experiencing a slow summer. The U.S. currency is strong, but it basically has no effect on metals. LME stocks continued to decline, supporting tight supply, which kept prices strong. Copper: Technically, the price is between 2750-2810. If the price breaks down, the range will expand to 2710-2810. Aluminum: Technically, prices have been rising slowly, but the price resistance target is still 1720. Source: China International Futures Brokerage Co., Ltd.