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Overnight, London copper opened lower at $5,765/mt
.
During the Asian session, some short profit orders closed their positions and outflowed copper prices to break through 5800 US dollars / ton, and then sorted out in a narrow range around the daily moving average, and the copper price trend was relatively stable; At the beginning of the European session, London copper fell slightly below the daily moving average by the strengthening of the US dollar, and then with Freeport's warning of possible production cuts, concerns about the supply risk of copper mines in Indonesia pushed copper prices higher, London copper rushed up to 5820 US dollars / ton after falling back below the daily moving average, and consolidated in the evening, breaking through the 20-day moving average to record a high of 5855 US dollars / ton, closing at 5845.
5 US dollars / ton, up 80 US dollars / ton
.
China's central bank announced on Friday that it adjusted the standing lending facility interest rate from the same day, raising the overnight, seven-day and one-month interest rates to 3.
1%, 3.
35% and 3.
7% respectively, including 35 basis points (bp) overnight and 10bp
each for seven days and one month.
Earlier sources, the source also revealed that the central bank will add 100 basis points to the standing lending facility interest rate issued by local legal person financial institutions that do not meet the requirements of macro-prudential, and the interest rates for overnight, seven days and one month are 4.
10%, 4.
35% and 4.
70%
respectively.
On the supply side, workers at BHP's Chilean copper mine Escondida prepared to renegotiate with the company on Friday after asking the government to mediate to avoid a strike
.
London Metal Exchange (LME) copper futures rose on Monday as investors refocused on supply-side risks in Chile and Indonesia, though gains were limited
last week by an unexpected tightening of economic policy in China, a major consumer of the metal.
Financial markets were surprised
by the PBoC's hike in the Standing Lending Facility (SLF) and open market reverse repo rates on the first day after returning from the Spring Festival holiday.
This is a further indication that policy is tightening
as the economy shows signs of stabilization.
At 17:00 London time on February 6 (01:00 Beijing time on February 7), LME three-month copper closed up 1.
3% at $5,847 a tonne, after a plunge of 1.
9% in the fifth period, recording its biggest one-day decline since Dec.
19
.
