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On Friday, the annual line of London copper at $6800 / ton continued to consolidate, with an intraday high of $6831 / ton, and a low of $6768 / ton, but continued to close tenaciously at $6801 / ton, up $1.
5 / ton
.
People's Bank of China decided on June 24 to reduce the statutory reserve requirement by 0.
5 percentage points
from July 5, 2018.
US: Markit manufacturing PMI flash for June 54.
6 vs 56.
1 expected vs.
56.
4
prior.
Eurozone flash manufacturing PMI for June came at 55, an 18-month low versus 55
expected.
On Friday, the US manufacturing PMI for June was significantly lower than expected, the dollar continued to weaken, closing two shades in a row, and non-ferrous metals rose across the board overnight
.
Over the weekend, the Bank of China announced a 0.
5% RRR cut, in line with expectations, with U.
S.
copper opening sharply higher today and London copper opening
slightly higher.
The upward trend of the US dollar index bears copper prices, downstream demand turns from strong to weak, the macroeconomic situation declines, the Sino-US trade war or reshapes the industrial pattern, and copper prices are weak and downward in the short term
.