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Overnight, London copper rose again and fell, but the overall still closed up, of which 3-month London copper rose 1.
14% to 4743 US dollars / ton, down 0.
94% from the intraday high of 4788 US dollars / ton, but regained M60, short-term fell into the average group between the operation, the direction of operation is temporarily unclear
.
In the past week, Duolun copper turned to increase positions to the downside, indicating that the long-short divergence has increased, but the bears have the advantage
for the time being.
Industry news: Chile's central bank cut its 2016 copper price forecast by 1.
75% to $2.
15/lb ($4,739/mt) as reduced copper exports continued to weigh on the Chilean economy that relies on copper production; Stocks: LME copper stocks reported 2,226,000 tonnes as of July 11, down 625 tonnes from yesterday, close to a five-month high of 224,750 tonnes and well above the year-long average of 187,000 tonnes
.
LME copper ended higher on Monday on expectations of a stimulus
from China.
At 16:00 London time on July 11 (00:00 Beijing time on July 12), three-month LME copper closed up 0.
83% at $
4,750 a tonne.
Copper has lagged Zinc, Nickel and Tin Futures in recent cycles, but has begun consolidation, with short-term support at around $
4,680.
