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Last night, Lun copper showed a V-shaped surge trend, after testing a low of 5776 US dollars / ton at the end of the European session, the bulls took advantage of the low to enter the market, copper prices quickly rose until the end of the session at 5857 US dollars / ton, and then the center of gravity maintained stability at a high level, closing at 5852 US dollars / ton, up 0.
77% intraday, with a volume of 12367 lots, and a position increase of 930 hands to 300,000 lots
.
Last night, as the market's expectations of the Fed's interest rate cut weakened, copper prices strengthened, and the low level also attracted some bulls to take the opportunity to do short-term operations, and copper prices turned the tide from the pressure level at the threshold
.
Although copper prices actively rose last night, but from the trend point of view, the high level is still insufficient momentum, the market lacks confidence in the copper market, although there is a tightening support at the mine end, but because the overall macro environment has not improved, weak market demand has not brought copper price impetus, copper prices have limited room
to rush.
Glencore's Zambian Mopani Copper Mine said on Monday that the Mufulira smelter had ceased production for upgrades, and the impact on production could not be confirmed; According to data from the National Bureau of Statistics, China's refined copper production in May fell 5.
2% year-on-year and 3.
9% month-on-month, indicating that smelter maintenance in May had a more significant effect, and spot copper prices are expected to rise
slightly today.
