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Overnight, London copper opened at 5591 US dollars / ton, after the opening London copper stopped near the daily moving average, intraday slightly rushed to 5609 US dollars / ton, and then with the black series of the big fall, a wave of short plates poured in, copper prices all the way down, testing down 5555.
5 US dollars / ton, in the afternoon with the rebound of the black series, short positions out of the market, copper prices rose sharply, the European session continued to rise, the high touched 5658 US dollars / ton, the evening London copper slightly pullback, standing firm in the daily moving average position, closing at 5635.
5 US dollars / ton, Up $40.
5/ton, trading volume decreased by 6925 lots to 16854 lots, and position decreased by 4466 lots to 337376 lots
.
London Metal Exchange (LME) copper, zinc futures and other base metals rose on Thursday as investors, speculators and consumers resumed buying after recent declines in anticipation of increased seasonal demand
.
Markets were boosted
by news that Indonesian workers at Freeport McMullen Copper and Gold Mining in the United States will be engaged in month-long protests starting May 1.
Workers at Freeport's Indonesian branch will start a month-long demonstration against layoffs starting May 1 as the company cuts output
during a contract dispute with the Indonesian government.
As of Tuesday, the LME six base metals price index had slipped about 7 percent in April after supply problems eased over a strike at Chile's massive copper mines
, including after relief.
After prices broadly stabilized on Wednesday, investors gained confidence in returning to the market as the second quarter was seen as physical demand peaked as the construction sector became more active during the spring period
.
In previous gains, the LME index jumped 23% from the end of October to the end of March, and many analysts considered the rally to be excessive
.
The head of metals research at Industrial Bank said that a correction was needed due to excessive speculative buying, which was also the reason for
the sell-off in copper and zinc futures.
But as we head into the second quarter, more physical demand
should be expected.
LME copper is still in a deep positive spread, indicating sufficient
supply.
LME spot copper is $32.
75 a tonne below the three-month contract, not far from
the widest since June 2013 of $35.
25, which was touched earlier.
At 16:00 London time on April 20 (00:00 Beijing time on April 21), three-month LME copper closed up 1.
2% at $5,623 a tonne, after closing slightly lower the previous day when it hit its lowest price since early January at $5,530
.
