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Overnight, London copper fell under pressure, giving up the previous day's gains, of which the 3-month London copper closed up 2.
17% to $4544 / ton, and now London copper fell back below the moving average group, but has not yet fallen below the recent low of 4483 US dollars / ton
.
This week, Lun Copper reduced its position, indicating that long and short trading is cautious, and copper market sentiment is relatively sluggish
.
On the macro front: Oil prices fell to a more than three-week low, driving copper prices down as the two are often traded
together.
Brent crude futures are now down 2.
5 percent at $
47.
77 a barrel.
In addition, European stocks fell to their lowest level since late February as investors worried that the Brexit referendum in the United Kingdom could result in a possible exit from the European Union, and cautious market sentiment weighed
on base metals prices.
Industry news: China's refined copper production in May was 680,000 tons, slightly lower than April's 694,000 tons, the third consecutive monthly decline, but well above the 603,500 tons
in the same period last year.
Stockpiles: As of June 16, LME copper stocks were reported at 199025 tonnes, down 3,125 tonnes from the 15th, marking the fifth consecutive day
of decline.
At 16:00 London time on June 16 (00:00 Beijing time on June 17), three-month copper on the London Metal Exchange (LME) closed down 2.
1% at $4,537 a tonne, rising to a more than one-week high of $
4,690 on Wednesday.
