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On Friday, London copper continued to extend a slight correction, opening at 7094 US dollars / ton, Asian session rose slightly to 7150 US dollars / ton, but because the inventory has reached the 300,000 mark, some bulls cautiously entered the market, Europe and the United States quickly fell to around 7066 US dollars / ton, and finally closed at 7091 US dollars / ton, down 23 US dollars / ton, the transaction decreased 3074 to 17514, and the position decreased by 1740 to 324,000 lots
.
In terms of the market, as of January 26, the spot price of London copper was $7,064/ton, a discount of $42.
5/ton over the March contract; The actual ratio of Shanghai copper spot to London copper spot was 7.
51 (import ratio was 7.
49), and the import profit was 192 yuan / ton; The actual ratio of Shanghai copper 3 contract to London copper March contract was 7.
54 (import ratio was 7.
49), and the import profit was 388 yuan / ton
.
Due to the overall significant increase in inventory, overnight external metal failed to stand at a multi-year high, overnight London copper re-closed down, fell below the high support of $7,100, in the short term, China's Spring Festival is approaching, demand is weakening, copper prices are obviously under pressure weakening, in the long run, the aftermarket copper mine strike superimposed on the heating up demand for copper prices is better support, it is expected that today's London copper still maintains above $7,000 oscillations
.