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Overnight, the European Central Bank stood still, although it has an optimistic outlook for inflation, but does not plan to reduce QE at present, the euro recorded a sharp rise against the dollar, and the US index reached a new low
.
Yesterday, London copper opened at 5962 US dollars / ton, the center of gravity of copper prices affected by the Peruvian miners' strike in the Asian session rose steadily, and once rushed to a high of 5988 US dollars / ton at noon, and the volatility increased after a short period of stable operation, and the long and short battled
around the daily moving average.
During the European and American sessions, copper prices rose slightly to around 5985 US dollars / ton, but failed to stand on the daily moving average, and after many failed to hit the high, copper prices quickly fell to around 5950 US dollars / ton, and the bears saw the opportunity to close their positions, and the copper price returned to around
5975 US dollars / ton.
It closed at $5975/ton, up $9/ton
.
In terms of the market, as of July 20, the spot price of London copper was 5661 US dollars / ton, which was 37 US dollars / ton discount from the March contract; London copper stocks were 308,100 tons, down 1,200 tons from the previous day; copper stocks in the previous period were 58,400 tons, down 200 tons from the previous day; measured by the closing price of Shanghai copper, the actual ratio of Shanghai copper 3 contract to London copper March contract was 7.
99 (import ratio was 8.
01), and the import profit was 162 yuan / ton
.
Considering that the US dollar has continued to be pressed down in the near future, and there are frequent positive news on the supply side, the market's willingness to pull back is not strong
.
It is expected that today's London copper range is 5950-6000 US dollars / ton
.
