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London copper afternoon commentary: oil prices continued to weaken, overnight London copper closed down 0.
38%; Domestic manufacturing has improved, but new orders are still insufficient, and slowing demand and continued output on the supply side have suppressed copper prices, which is expected to rise slightly
.
Oil prices continued to weaken, continuing to be hit by the surge in the dollar, and as recession fears, as well as months of shrinking liquidity, all weakened the market's idea of oil as a hedge against inflation, overnight London copper rebounded to close in the negative, the latest closing quotation of 7596 US dollars / ton, closed down 29 US dollars, down 0.
38%, the volume of 25192 lots increased by 4612 lots, and the position 235522 increased by 697 lots
.
In the evening, Shanghai copper opened high and rebounded after the downward trend, and the latest closing price of the main monthly 2208 contract was 58110 yuan / ton, up 250 yuan, or 0.
43%.
The London Metal Exchange (LME) reported 135775 tonnes of London copper on July 6, down 625 tonnes, or 0.
46%,
from the previous session.
