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During the European session last night, London copper fluctuated in a narrow range at 6462 US dollars / ton, and then about to enter the US market before, bulls actively entered the market, copper prices rose rapidly, after entering the US market, copper price center of gravity basically rose to around 6270 US dollars / ton, during the test high of 6278.
5 US dollars / ton, the end of the session slightly pullback, closed at 6261 US dollars / ton
.
Returning after the holiday, Sino-US trade negotiations have become a major factor pulling market nerves, and negotiations continue this week, and market expectations are more optimistic
.
In addition, the release of January credit data last week improved market sentiment
to some extent.
From a fundamental point of view, on the one hand, we pay attention to the resumption of domestic downstream production, on the other hand, the closure of Chilean mines due to rainfall also forms a certain support
for the supply side.
Coupled with the low global dominant inventory, the LME began to change into a back structure, which is positive
for the bulls.
It is expected that copper prices will show a strong trend of volatility this week, and it is operationally recommended to continue to hold
short-term long orders.
Base metals were mixed yesterday as concerns about a contraction in copper supply were raised yesterday by the Supreme Court's rejection of the resumption of production at Vedanta's copper smelter in southern India, and the recent five-day winning streak in crude oil is expected to support near-term metal prices
.
