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Overnight, London copper opened at $5860/ton
.
At the beginning of the Asian session, London copper consolidated around the daily moving average, and then the bulls retraced step by step, and the copper price fluctuated downward, gradually moving away from the daily moving average, and recorded a low of 5808.
5 US dollars / ton; Entering the European session, the dollar dived, short cover to promote copper prices to rise, but subject to the daily average and pullback, the center of gravity fell back to 5828 US dollars / ton around consolidation, the evening US December PPI, core retail sales data is good, the dollar briefly rushed higher and then fell back, bulls entered the London copper charge to hit the daily moving average resistance and won a high of 5917 US dollars / ton, closing at 5910 US dollars / ton, up 34 US dollars / ton
.
Macro side: Industrial metals were boosted by a weaker dollar
.
Driven by rumors of capacity reduction in the domestic market, Shanghai aluminum rose eye-catchingly, but because it was stimulated in a short period of time, and the supply and demand side did not substantially change, the fermentation effect of the rumors still needs to be observed
.
Market: East China holders have inconsistent views on ups and downs, and spot quotations are more chaotic
.
Aluminum rose sharply, smelters intend to sell, shipments weakened, the source of circulation was tight compared with the previous day, middlemen were bullish and willing to receive goods, downstream enterprises received goods according to just demand, and the overall transaction was slightly better
than the previous day.
The transaction price in South China followed the change of the plate, because the local small and medium-sized processing enterprises are facing the holiday, the stocking is nearing the end, so the purchase volume has declined, coupled with the aluminum price has fluctuated more sharply in recent days, the willingness of middlemen to trade is light, and the overall transaction of the Guangdong market is not good
during the day.
Three-month copper on the London Metal Exchange (LME) hit a five-week high on Friday, with aluminum climbing to a nearly 20-month high as strong economic data from China and the United States sparked optimistic expectations
for metal demand.
At 17:00 London time on January 13 (01:00 Beijing time on January 14), three-month copper closed without trading, and last bought at $5,909 a tonne, up 1.
2%, hitting the highest level since December 7 at $5,912
.
