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Overnight, London copper opened at 6927 US dollars / ton, slightly down at the beginning of the session, after the opening of the Asian market, all the way up, to 6970 US dollars / ton line when the upward momentum is insufficient, after
a short finishing.
After entering the European time, copper prices fell slightly, tested down at 6942.
5 US dollars / ton after the shock upward, touched 7050 US dollars / ton after the rally closed, after the shock was sorted out, all the way down to test the lower 6979.
5 US dollars / ton
.
Late losses increased, closing at $6982.
5/ton, up $55/ton
.
Trading volume increased by 213 lots to 20,000 lots, and positions decreased by 3,488 lots to 305,000 lots
.
On the macro front, a strong euro brings uncertainty to economic growth, and the ECB needs to continue to maintain loose monetary policy, so the probability of this week's ECB interest rate meeting is more dovish, so it is expected that the weakening of the euro will support the US dollar and have a bearish
impact on copper prices.
But global trade is showing signs of easing, which will support copper prices
.
The impact of the Rusal incident on copper prices is weak, downstream demand gradually recovers, supporting the recovery of metal market confidence, the outer metal generally rebounded, London copper closed slightly higher overnight, basically recovered yesterday's decline, in the long run, the shortage of scrap copper supply provides some support for copper prices, downstream expected consumption gradually recovers, copper prices return to fundamentals, it is expected to continue to shock adjustment in the near future, and it is expected that today's London copper will maintain a shock recovery
.
