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Last night, the center of gravity of the London copper European market basically remained stable at 5885 US dollars / ton, and then there was good news from China and the United States, copper prices showed violent rises, bears hedging and actively closing positions, copper prices rushed to the 5900 mark, the end of the session tested 5974 US dollars / ton, closed at 5956 US dollars / ton, up 1.
78% intraday, trading volume 19124 lots, position decreased by 3187 hands to 297,000 lots
.
U.
S.
stocks approached all-time highs last night on optimistic expectations of trade tensions between China and the United States
.
In addition, the ECB's hint that it is ready to cut interest rates if necessary also spurred US stocks higher, and the market sentiment turned positive for copper prices
.
On the news, the overnight Xi Te call plan G20 summit once again discussed the issue of trade frictions, market risk assets rose rapidly, non-ferrous metals picked up across the board, but the fundamentals of global manufacturing and industrial data were slightly weak, copper prices were not enough momentum, and 47,000 pressure levels became the main focus at this stage
.
It is also worth noting that the tight supply of copper concentrate has appeared in some domestic copper smelters, copper concentrate procurement demand is strong but the supply is not much, coupled with the gradual implementation of copper scrap import restrictions in July, the probability of copper prices falling again is small
.
