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Overnight, London copper rushed back down, intraday high to 7220 US dollars / ton, opened at 7060.
5 US dollars / ton, the Asian session slowly moved up, into Europe and the United States when the copper price began to rise violently, two consecutive straight rises to bring copper prices above 7200 US dollars / ton, the end of the day slightly down, finally closed at 7128 US dollars / ton, the transaction minus 1010 to 22552 closed, up 49 US dollars / ton, warehouse increased 6017 to 325,000 lots
.
In terms of the market, as of February 5, the spot price of London copper was 7066 US dollars / ton, which was 41.
25 US dollars / ton discount from the March contract; The actual ratio of Shanghai copper spot to London copper spot was 7.
48 (import ratio was 7.
45), and the import profit was 176 yuan / ton; The actual ratio of the Shanghai copper 3 contract to the London copper March contract was 7.
53 (the import ratio was 7.
45), and the import profit was 532 yuan / ton
.
In terms of news, the US dollar index temporarily postponed the rally, copper prices were boosted to the high level of recent weeks, London copper once tested as high as $7200 support, basically recovered last week's decline, as China's Spring Festival approached, demand weakened, the external disk slightly under pressure shock, in the long run, the tight supply of copper mines in the market to support copper prices is better, it is expected that today's London copper still maintain high volatility
.