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Overnight, London copper rushed back down for the second consecutive day, indicating that there is strong selling pressure above, of which 3-month London copper slightly rose 0.
29% to 4886 US dollars / ton, down 1.
47% from the intraday high of 4959 US dollars / ton, the current London copper continues to run at the intersection of moving averages, short-term trend is biased
.
In the past week, Luncopper's position has increased and decreased again, indicating that long-short trading has been repeated
.
London Metal Exchange (LME) copper futures closed higher on Tuesday as a weaker dollar and growing expectations of stimulus from China, the top copper consumer, but global manufacturing survey results showed a slowdown in manufacturing activity, weighing on sentiment and limiting gains
.
In terms of stocks, LME copper stocks reported 209,650 tonnes as of Aug.
2, down 425 tonnes from yesterday, close to the low set on July 5 this year, but higher than the average inventory of 190,000 tonnes
during the year.
At 16:00 London time on August 2 (00:00 Beijing time on August 3), three-month copper closed without trading, with the last rise of 0.
2% at $4,890 a tonne, and copper rose to $4,959 earlier, close to the one-week high of $
4,965 hit on Monday.
