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Overnight, London copper continued to fluctuate in a narrow range, of which the three-month London copper edged down 0.
37% to $5725 / ton, closing close to the low set on November 22 this year, and has not completely fallen below the lower edge
of the oscillating finishing platform that has been running for nearly two weeks.
In terms of positions, on December 14, the position of London copper was 387,000 lots, a daily decrease of 2,143 lots, the first time in four days to reduce positions, this week London copper is mainly increased positions, showing that the short-term long and short divergence has increased
.
Industry information: China's refined copper production in November was 720,000 tons, a slight decrease of 2.
31% month-on-month and a year-on-year decline of 2.
7%, but slightly higher than the average output of 711,400 tons
during the year.
From January to November this year, China's cumulative output of refined copper was 7.
68 million tons, an increase of 420,000 tons or 5.
79% year-on-year, hitting a new high level in the same period of the previous year, indicating that the domestic refined copper supply pressure is still large
.
Stocks: As of December 15, LME copper stocks reported 295,300 tons, a sharp increase of 17,175 tons per day, a sharp increase for four consecutive days, much higher than the average inventory value of 230,000 tons during the year, and the high point of stocks during the year was 379175 tons
.
The greenback surged to its highest level in 14 years against a basket of currencies as the Federal Reserve raised interest rates by 25 basis points on Wednesday and hinted at three possible rate hikes next year, one more than expected at its September meeting
.
The Fed raised its target range for the federal funds rate by 25 basis points to 0.
50-0.
75% on Wednesday, which was expected by the market, but surprised investors when the governor's forecast "dot plot" showed a median forecast of three rate hikes next year, more than twice previously
forecasted.
Analysts said the dollar rose and there was some caution in the market, hurting stocks and other risky assets
.
There is reasonable optimism about the long-term outlook for the copper market, as no new large-scale projects will come online in the future, and production costs to increase supply are higher than current prices
.
London Metal Exchange (LME) copper futures held steady on Thursday, rebounding
from early losses triggered by a rising dollar and rising inventories.
Rising inventories have fueled doubts
about demand strength and the prospect of tighter supply.
At 17:00 London time on Dec.
15 (01:00 EDT Dec.
16), three-month copper closed up 0.
2% at $
5,732 a tonne.
Copper futures fell more than 5 percent
after hitting levels above $6,000 last month.
