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Overnight, London copper opened at 4752 US dollars / ton, Asian session, affected by the weakening of the US dollar and the rise of China's A shares, Lun copper bears actively reduced their positions to avoid safety, copper prices rebounded upward, touched 4782 US dollars / ton, copper prices plunged again in the afternoon, fell below the daily average after a slight rebound, but still unable to fall; Entering the European session, London copper touched the 60-day moving average after a sharp rebound, but continued to recover weakly, low 4752 US dollars / ton, the night dollar weakened, crude oil rebounded, London copper back to the daily moving average, bears hesitated, the end of the strong rise, and finally closed at 4772 US dollars / ton, up 20 US dollars / ton
from the previous day's closing price.
According to industry news, the DRC state-owned mining company Gecamines (National Mining Corporation) said that China Nonferrous Mining Group may invest up to $2 billion to develop its most promising copper assets
.
In terms of stocks, as of August 15, LME copper stocks reported 207,150 tons, an increase of 4,775 tons from yesterday, close to the level of August 4 this year, higher than the average inventory value of 192,000 tons during the year, and the largest increase since July 12
.
Overnight, Lun copper stabilized and fluctuated at a low level, recording a small white candlestick with bare feet, and the support below was obvious but the rebound was weak, and it is expected to run within
$4750/ton to $4800/ton today.
