 Home > Chemicals Industry > New Chemical Materials > January 17 London Copper Morning Review

January 17 London Copper Morning Review

 Last Update: 2022-12-04
 Source: Internet
 Author: User

Tags

metal core

china carbon trading

Search more information of high quality chemicals, good prices and reliable suppliers, visit www.echemi.com

Overnight, London copper opened high at $5929/ton
.
At the beginning of the Asian session, copper short-term weakened, and then the bears made up for copper prices returning to near the daily moving average, and the European session continued to fluctuate, touching $5930 / ton at a high level; In the evening, as the dollar maintained an intraday high, London copper bears attacked, copper prices fell below the daily moving average, the low recorded 5832 US dollars / ton, closed at 5843 US dollars / ton, down 67 US dollars / ton, the trading volume decreased 6610 lots, and the position increased 5650 hands to 360023 lots
.
Overnight copper high consolidation, with the dollar briefly returned to strength and corrected, the lower 5-day moving average has support, is expected to operate in today's range of 5820~5900 US dollars / ton
.
Today, we will focus on the specific implementation terms of the UK hard Brexit and the impact of
the UK December CPI annual rate and core CPI annual rate on the market.

London copper

Industry information: The annual equipment maintenance work of Dongguashan Copper Mine is in full swing, and the equipment maintenance is completely suspended from January 10 to 20, and the planned maintenance time is 11 days
.

Stocks: LME copper stocks were reported at 279,000 tonnes as of Jan.
16, down 2,700 tonnes per day, and are now at a new low since December 14 last year, but still well above the 2016 average annual inventory of 230,000 tonnes, and the year's high was 379175 tonnes
.

Three-month copper on the London Metal Exchange (LME) retreated on Monday as a stronger dollar prompted some investors to take profits
.
Upbeat economic data from China and the United States last week pushed copper prices to five-week highs during the overnight trading session
.

U.
S.
traders took the opportunity to lock in copper profits due to Martin Luther King Jr.

's absence from the market and growing concerns in commodity markets about the inauguration of U.
S.
President-elect Donald Trump on Friday.
Copper posted its best weekly performance in seven weeks last week, climbing nearly 6 percent to hit its highest level since Dec.
7 at $5,930 overnight
.
At 17:00 London time on January 16 (01:00 Beijing time on January 17), three-month copper closed down 0.
7% at $
5,865 a tonne.

This article is an English version of an article which is originally in the Chinese language on echemi.com and is provided for information purposes only. This website makes no representation or warranty of any kind, either expressed or implied, as to the accuracy, completeness ownership or reliability of the article or any translations thereof. If you have any concerns or complaints relating to the article, please send an email, providing a detailed description of the concern or complaint, to service@echemi.com. A staff member will contact you within 5 working days. Once verified, infringing content will be removed immediately.