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Overnight London copper bottomed out, indicating that after the release of short-term downside risks, the willingness to fall weakened significantly, of which the three-month London copper edged up 0.
44% to $5529 / ton, the closing price was close to the low set on November 18 this year, and it is currently running the lower edge
of the oscillation finishing platform for nearly two weeks.
In terms of positions, on December 21, the position of London copper was 362,000 lots, a daily decrease of 4,662 lots, a decrease of six consecutive days, and this week's London copper reduced its position declined, indicating that the bulls have a strong
willingness to take profits at the high.
On the macro front: China's stimulus measures have helped industrial metals prices rise this year, but in recent weeks they have been boosted by funds trading on trend models
.
But after the Fed announced a rate hike on Dec.
14 and hinted at faster rate hikes next year, funds lowered long bets, weighing on base metals
.
A strong dollar, making dollar-denominated metals more expensive than non-dollar holders, could depress demand for base metals, and a strong dollar could lead to lower
liquidity in China.
Analysts said the dollar's rise put financial pressure
on the Chinese market.
Tightening currency conditions are weighing on the base metals market
.
Upward pressure on China's money market interest rates may reflect that the central bank is intervening in the renminbi's exchange rate to stem its decline
against the dollar.
This will likely continue into next year
.
Industry news: Indonesia's energy and mining minister said Indonesia is considering allowing miners to negotiate an extension five years before their operating licenses expire, rather than the current two years
before the expiration.
Stocks: As of December 22, LME copper stocks were reported at 335,800 tons, down 3,825 tons per day, a third consecutive day of decline, but the inventory was much higher than the average inventory value of 230,000 tons during the year, and the high point of the inventory during the year was 379175 tons
.
London Metal Exchange (LME) copper futures closed slightly higher on Thursday, but briefly fell to a more than one-month low as the dollar rose across the board and a sharp drop in Chinese imports fueled demand concerns
.
At 17:00 London time on Dec.
22 (01:00 EDT on Dec.
23), three-month LME copper closed up 0.
1% at $5,519 a tonne, slightly lower at $5,419.
5 and the lowest since
Nov.
18.
