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Overnight London copper opened at 5846.
5 US dollars / ton, the Asian session continued to be weak, the low back to 5835 US dollars / ton, the afternoon London copper now stretched, the high attack 10-day moving average of 5872 US dollars / ton
.
In the evening, the United States announced that the "small non-farm" in June was less than expected, the number of new jobs in the manufacturing industry was low, the US index returned to the downtrend, and the market's confidence in Trump's "infrastructure construction" continued to weaken.
London copper returned to the decline, falling back to the daily average of $5850/ton, closing at $5848.
5/ton, down $1.
5/ton
.
The trading volume fell by 6,134 lots to 12,365 lots, and the position increased by 4,773 lots to 342,000 lots
.
Bears mainly
increase their positions.
The low growth of manufacturing employment in the United States has continued to weaken the market's confidence in Trump's follow-up "big infrastructure", which is not conducive to base metals
.
London copper continued to adjust the range of 5820-5860 US dollars / ton
.
In terms of the market, as of July 6, the spot price of London copper was $5,661/ton, a discount of $27/ton over the March contract; London copper stocks were 314,800 tons, down 1,150 tons from the previous day; copper stocks in the previous period were 57,300 tons, an increase of 876 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 8.
03 (import ratio was 8.
07), and the import loss was 22 yuan / ton
.
In terms of news, the world's largest copper mine, Chile's Escondida copper mine, saw a sharp decline in copper production in the first quarter, down 63% from 265,600 tons in the same period last year to 97,100 tons
.
Copper prices are mainly stable, and band operation
is recommended.
