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Overnight, London copper opened at 4815.
5 US dollars / ton, during the Asian session, affected by the release of water by the New Zealand Fed, global loose liquidity pushed London copper up, touched the 10-day moving average and fell under pressure, recording a high of 4840 US dollars / ton; Entering the European session, London copper fell to 4809.
5 US dollars / ton after the 5-day moving average support low retracted back to the 40-day moving average near the finishing, overnight crude oil low rebounded, London copper first suppressed and then rose, sharply climbed to break through the 10-day moving average, stabilized at the end of the day, and finally closed at 4848 US dollars / ton, up 26 US dollars / ton
from the previous day's closing price.
Stocks: LME copper stocks were 203925 tonnes as of Aug.
11, down 900 tonnes from yesterday, close to the low set on July 5 this year, but higher than the average annual inventory of 190,000 tonnes
.
London Metal Exchange (LME) copper futures closed higher on Thursday on higher oil prices and sluggish
volume.
At 16:00 London time on Aug.
11 (00:00 Beijing time on Aug.
12), three-month copper closed up 0.
54% at $4,848 a tonne, after falling to a four-week low of $
4,761 on Tuesday.
Overnight copper W-shaped trend, short cover caused copper prices to passively rise, short-term still has upward momentum, is expected to run within $4830 / ton to $4880 / ton today
.
