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Overnight London copper fell under pressure, of which 3-month London copper closed down 0.
72% to $5830 / ton, sharply cut Monday's gains, the current London copper fell below the support of M5 and M10, short-term pullback risk increased, below support of 5700 US dollars / ton
.
In terms of positions, on December 6, the position of London copper was 376,000 lots, a daily decrease of 1,298 lots, and the position of London copper increased and decreased in the past week, showing that long and short trading is cautious
.
Industry: Peru's October copper production was 218685 tons, up 37.
7% year-on-year, and the Cerro Verde mine owned by Silver Freeport McLen
Coppergold.
Stocks: As of December 7, LME copper stocks were 225925 tonnes, down 3,575 tonnes per day, slightly lower than the average inventory value of 230,000 tonnes during the year, hitting a new low since August 19 of the year, and the high point of stocks during the year was 379175 tonnes
.
London Metal Exchange (LME) copper futures gave up earlier gains on Wednesday to close lower as excessive concerns about copper price gains outweighed the prospect
of rising demand in the United States.
Citi analysts said the copper price trend was mostly driven by speculative behavior in China, especially the rally towards $6,000, which seemed excessive
.
At 17:00 London time on December 7 (01:00 Beijing time on December 8), three-month copper fell 1.
7% to $
5,785 a tonne.
Copper prices jumped 20%
last month.
Copper prices have been trading in a range of $5,600-6,045 a tonne since the end of November, reaching a high of $6,045.
50 last week, the highest price
since mid-2015.
