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London copper climbed strongly on Wednesday and fell slightly towards the end of the day, partially cutting intraday gains, including 3-month London copper closing up 2.
53% to $4645/ton, and its daily closing price hit a high since June 6 this year
.
This week, the reduction of copper positions in London mainly rose, indicating that bears actively reduced their holdings on the dip, and copper prices weakened their willingness to fall
.
London copper futures rose sharply during the day as the dollar weakened ahead of the Federal Reserve's decision, spurring investors' risk appetite
.
The dollar weakened as investors expected the US Federal Open Market Committee (FOMC) not to announce a rate
hike after the two-day meeting.
This market sentiment boosts the dollar-denominated metal because it is cheaper
for holders of other currencies.
News: According to data from the World Bureau of Metal Statistics, the global copper market had an oversupply of 26,000 tons from January to April this year, and 404,000 tons
for the whole of last year.
In terms of stocks: as of June 15, LME copper stocks reported 202,150 tons, down 1,125 tons from the 14th, a fourth consecutive day
of decline.
At 16:00 London time on June 15 (00:00 Beijing time on June 16), three-month copper on the London Metal Exchange (LME) rose 2.
5% to close at $4,636 a tonne, the highest price since June 7, and hit a one-week high of $
4,690.
