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Overnight London copper fell under pressure, for the fourth consecutive day of decline, of which 3-month London copper fell 1.
71% to 4687 US dollars / ton, compared with this round of high of 4960 US dollars / ton has been retraced 6%, the support below M60 temporarily failed, but the day may oscillate around the line to finish
.
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 National Copper Commission expects Chile's copper production to fall 0.
5% to 5.
74 million tons in 2016, while Chilean copper production is expected to increase by 3.
1% to 5.
92 million tons
in 2017.
At the same time, the average copper price this year is expected to be $2.
15/lb
.
Inventories: LME copper stocks were 220725 tonnes as of July 7, down 1,825 tonnes from yesterday, still close to the high set on 11 February and higher than the average inventory of 186,000 tonnes
for the year.
Overnight, London copper plunged sharply, giving up all last week's gains, and there are still repeats around $4700 on the market, and it is expected to fluctuate
in the range of $4680 / ton to $4720 / ton today.