Base metals recover as copper hits 7-week high
基本金属价格复苏
广州财经翻译公司：分析师们表示，英国退欧公投对基本金属的影响相对短暂，铝、铜和锌正从上周五的大幅抛售快速恢复。
Copper hit its highest level in almost two months yesterday as the US dollar weakened and hedge funds and speculators slashed their bets on lower prices.
铜价昨日创下近两月最高水平，其背景是美元走弱，以及对冲基金和投机者大幅削减他们对价格将走低的押注。广州财经翻译公司。
Data from the London Metal Exchange showed money managers had reduced their short position in copper to just over 86,600 lots on Friday, down from 107,600 lots a week before.
伦敦金属交易所(London Metal Exchange)数据显示，基金经理已经削减了铜的空头头寸，上周五持仓量为86600多手，少于一周前的107600手。
The report came after figures published late on Friday showed a reduction in the record short copper position on Comex, the US futures exchange.
上周五晚间发布的数据报告显示，美国期货交易所——纽约商品交易所(Comex)的铜空头头寸减少。广州财经翻译公司。
Vivienne Lloyd, analyst at Macquarie, said speculators had got too bearish on copper as metal piled up at LME warehouses in Asia earlier this month leaving copper vulnerable to “squeeze” higher.
麦格理(Macquarie)分析师薇薇恩•劳埃德(Vivienne Lloyd)表示，此前投机者对铜价过于悲观，原因是本月早些时候这种金属在伦敦金属交易所亚洲仓库堆积，但做空过度使铜价容易被向上“挤压”。广州财经翻译公司。
“Short sellers have been stopped out as the price rallied,” said Ms Lloyd. Since dropping to $4,500 on June 10, copper has climbed by more than 6 per cent.
劳埃德表示：“随着价格上涨，卖空者已被阻止。”自6月10日跌至每吨4500美元后，铜价已反弹逾6%。
Copper is the base metal most influenced by speculators and macro hedge funds because its wide range of uses across manufacturing and industry mean that it can be a good way to bet on the global economy’s outlook or China.
铜是受投机者和宏观对冲基金影响最大的基本金属；这种金属在整个制造业和工业用途广泛，这意味着它是押注全球经济前景或中国的好方法。广州财经翻译公司。
Yesterday, copper for delivery in three months on the London Metal Exchange rose as much as $116, or 2.4 per cent, to a seven-week high of $4,830. The gains came as the US dollar weakened and equity markets rallied after heavy losses caused by the Brexit vote.
昨日伦敦金属交易所3个月后交割的铜上涨116美元，涨幅2.4%，至7周来高点4830美元。铜上涨之际，美元走弱，股市在退欧公投后的暴跌之后出现反弹。
Dollar-denominated commodities such as copper and oil usually benefit when the greenback weakens because it makes them cheaper for holders of other currencies.
当美元走弱时，铜、石油等以美元计价的大宗商品通常会获利，因为对于其他货币的持有者来说它们变得更便宜。广州财经翻译公司。
Analysts said impact of the Brexit vote on base metals had been relatively shortlived, with aluminium, copper and zinc recovering quickly from a sharp sell-off on Friday.
分析师们表示，英国退欧公投对基本金属的影响相对较为短暂，铝、铜和锌正从上周五的大幅抛售快速恢复。
“From a fundamental perspective, the relatively small effect on global GDP from Brexit means the impact on demand trends is likely to be limited,” said Nicholas Snowdon, analyst at Standard Chartered. “Moreover, in the aftermath of the result, China’s government has stated in no uncertain terms that it can step up fiscal support for the economy if required.”
渣打(Standard Chartered)分析师尼古拉斯•斯诺登(Nicholas Snowdon)表示：“从基本面看，英国退欧对全球国内生产总值(GDP)影响相对较小，这意味着其对需求趋势的影响可能有限。此外，面对公投后果，中国政府已明确指出如果有需要，会加大对经济的财政支持。”
