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Today's LME market resumed trading, 3-month London copper gap opened high, now trading at 5556 US dollars / ton, the performance is relatively stagnation
compared with Shanghai copper.
In terms of positions, on December 22, the position of London copper was 362,000 lots, and the weekly sharp decrease was 22,670 lots, indicating that long and short positions actively reduced positions and left the market, and the popularity of the copper market declined
.
On the macro front, on Tuesday, U.
S.
Chamber of Commerce consumer confidence sharply exceeded expectations in December, reaching 113.
7, the highest since
August 2001, boosted by a surge in the expectations index.
The data dovetailed
with last week's December record of Michigan consumer confidence hitting a nearly 13-year high.
Consumer confidence soared, mainly due to optimism
about Trump's economic policies.
In terms of stocks, LME copper stocks reported 334525 tonnes in the week ended Dec.
23, a weekly surge of 27,450 tonnes, the second increase in 11 weeks, well above the year's average inventory of 230,000 tonnes, and the year's high of 379175 tonnes
.
In terms of news, Japan's January-March shipping schedule aluminum premium is finalized at $95 per tonne, as spot premiums rose
after production disruptions at an Australian metallurgical plant.
Russian mining giant Norilsk Nickel has agreed to buy 1.
5 million tonnes of copper concentrate worth 67.
5 billion rubles from state-run Rostec.
Today's LME session resumed trading, intraday data is light, in view of the strength of the internal session, it is expected that the outside market will open higher today, running in the range of 5540 US dollars / ton - 5690 US dollars / ton
.
Overall, copper prices have adjusted to the low level in mid-November, where there is a certain degree of support, copper prices continue to fall, completely breaking the current round of breakthrough market is less
likely.
