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Copper prices fluctuated
at low levels after falling on Friday.
The dollar rose sharply on Thursday, and the market is now waiting for Friday's new jobs data in the United States, which is estimated to increase by more than 600,000, and the market is waiting for clarity
.
At 1600 GMT, three-month copper on the London Metal Exchange (LME) rose 1.
9% to $9,972.
50 a tonne, down as much as 3.
8%
in the previous session.
On the macro front, weaker-than-expected US employment data eased fears that the US Federal Reserve would withdraw its stimulus measures, driving stocks to extend their rally
.
Copper prices hit a record high of $10,747.
50 an ounce last month, driven
by optimism about the global economic recovery and new demand from the anticipation of a green revolution, including the transition to electric vehicles.
In China, copper prices fell to a six-week low, with July copper futures, the most hotly traded on the Shanghai Futures Exchange, falling as much as 3.
6 percent to 70,470 yuan ($11,001.
14) a tonne, the lowest since April 26, before gradually recovering to close at 70,910 yuan a tonne, still down 2.
9 percent
.
Back to the copper market, copper prices fell by more than 2,000 yuan, but the spot premium only increased by 5 yuan, and the futures spot arbitrage began to close positions to put a lot of pressure on the market, and copper prices still failed to attract consumer buyers to enter the market after the sharp fall, firstly, the consumption off-season is coming, and secondly, the price is still high
.
Technically, copper prices are oscillating around the 10-week moving average of 70,180 yuan, and if they can effectively break this level, copper prices will fall towards the 20-week moving average of 67,000
.
