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Overnight, London copper opened at $5596/ton
.
After the opening, the daily moving average of London copper rebounded slightly, and then driven by the collective recovery of base metals, Lun copper short positions reduced, driving copper prices up sharply, touching the high level of 5675.
5 US dollars / ton, but subject to the upper 5-day moving average It is difficult to continue to rise, and then with the sharp rise of the US dollar index, copper prices fell back to the consolidation near the daily moving average, and the daily average temporarily supported; A wave of fund sell-off reversed intraday gains at the end of the day, and the London copper deep V reversal probe was as low as 5530 US dollars / ton since January 9, triggering the take profit trading counter-draw near the daily moving average, closing at 5595 US dollars / ton, down 10 US dollars / ton, the trading volume increased by 2863 lots, and the position decreased by 4528 hands to 341842 lots
.
In terms of news, the latest data showed that the Eurozone CPI annual rate in March remained at 1.
5%, unchanged from the previous reading and expectations, and still below the inflation target
of 2.
0%.
Investor fears of elections in North Korea and France have kept risky assets in check.
In terms of stocks, LME copper stocks 267475 tons, an increase of 12,050 tons; On the 19th, the copper warehouse order in the previous period was 114011 tons, a decrease of 2682 tons
.
London Metal Exchange (LME) copper futures fell for the second day in a row on Wednesday as a wave of fund sell-off before the close reversed intraday gains, pushing copper prices lower to a 14-week low
.
At 16:00 London time on April 19 (00:00 Beijing time on April 20), three-month LME copper closed down 0.
3% at $5,556 a tonne, the lowest since
Jan.
9.
Tuesday fell 2.
1 percent
.
Analysts at Citi said $5,500 appeared to be a key price point
.
The market is trying to push copper prices below
that level.
Analysts at INTL FCStone said that if copper fails to close above $5,652 for the second day in a row, it could test the next support level of $
5,536.
Overnight London copper first rose and then suppressed, closing the doji line, in the medium term, London copper has formed a falling pattern, but in the lower track is expected to repeat for a period of time, it is expected to operate in today's range of 5560 ~ 5610 US dollars / ton
.
