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Overnight, London copper rebounded weakly, rushed back down, of which 3-month London copper slightly fell 0.
37% to 5495 US dollars / ton, still running on the oscillation finishing platform
in the past week.
In terms of positions, on December 28, the position of London copper was 356,000 lots, a daily decrease of 4,080 lots, which was a decrease of eight consecutive days, indicating that long and short positions were actively reduced and the sentiment of the copper market declined
.
Industry news: Chile's copper production in November was 479959 tons, down 1.
3% from a year earlier, due to declining ore grades and a mine overhaul project
.
Stocks: As of December 28, LME copper stocks reported 328,350 tons, down 2,750 tons per day, 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
.
Macro: Copper prices are expected to rise about 17 percent this year, the first annual increase since 2012, driven by better-than-expected demand in China and expectations
of demand growth driven by U.
S.
infrastructure spending.
Most of the gains came from fund buying, but many funds have reduced their bullish bets in recent weeks, in part as the dollar climbed to a 14-year high against a basket of major currencies
.
Copper prices rose above $6,000 in November after Trump's victory on expectations of higher infrastructure spending and consumption
, analysts said.
But the U.
S.
accounts for only 8% of global copper demand of about 22 million mt, which is back in focus on China, which accounts for nearly half
of copper demand.
Copper prices on the London Metal Exchange (LME) slipped on Thursday, following weakness in equity markets and light trading during the holiday season, as the market was unnerved
by a rising dollar and a possible liquidity crunch in major consumer China.
Three-month copper closed down 1% at $5,487 a tonne at 17:00 London time on Dec.
29 (01:00 EDT on Dec.
30), but still above a one-month low of $
5,419.
50 hit last week.
