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Overnight, London copper bottomed out, turned down to rise within the day, basically recovered yesterday's decline, of which 3-month London copper rose 0.
97% to 5795 US dollars / ton, from the intraday low of 5612 US dollars / ton rebounded sharply by 3.
26%, so that November London copper accumulated up 19.
19%, short-term decline is regarded as a normal technical correction
.
In terms of positions, on November 29, the position of London copper was 372,000 lots, a slight decrease of 372 lots per day, and the position of London copper has mainly increased for more than a week, indicating that when the copper price oscillation is sorted, the long and short divergence has increased
.
Industry information: It is reported that OPEC has reached an agreement on the first production cut agreement since 2008, Saudi Arabia accepted the proposed sharp production cut, and agreed to Iran to freeze production at the pre-sanctions level, which boosted the main force of U.
S.
crude oil futures soared more than 8%.
Stocks: As of November 30, LME copper stocks were 234825 tonnes, down 650 tonnes per day, slightly higher than the average inventory value of 230,000 tonnes during the year, and the year's high was 379175 tonnes
.
London Metal Exchange (LME) copper futures fell to a one-week low on Wednesday as investors reduced their bullish bets on copper prices amid growing doubts that the surge in prices this month was based on solid fundamentals
.
At 17:00 London time on Nov.
30 (01:00 EDT Dec.
1), three-month copper closed up 2% at $
5,825.
It briefly fell to a one-week low of $5,612.
50 during the session, but rebounded late in the session, traders said, partly due to a sharp rise in oil prices to a one-month high above $50 a barrel
.
