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Overnight, London copper opened at 6840.
5 US dollars / ton, and the overall operation at the beginning of the session was 6830 ~ 6850 US dollars / ton, as high as 6858 US dollars / ton, as low as 6826 US dollars / ton, and the center of gravity fell
.
After entering the European and American time, the center of gravity of copper prices rose above the daily moving average, and the overall stability was at the first line of 6855 US dollars / ton, during which it briefly tested 6832 US dollars / ton
.
In the evening, the US non-farm payrolls in May announced that it greatly exceeded expectations, the dollar reacted flatly, and London copper took the opportunity to climb rapidly and continuously, touching a high of $6895 / ton and then briefly retreated, and then slowly rose
.
The late-day rally continued, closing at $6904.
5/ton, up $76.
5/ton
.
The trading volume decreased by 2,023 lots to 17,000 lots, and the position increased by 340 lots to 320,000 lots
.
In Europe and the United States, next week focus on the US factory orders in April and the final year-on-year GDP of the Eurozone Q1
.
Entering June, the Fed is about to raise interest rates, and it is expected that the dollar will maintain a strong operation
.
This week, the United States announced tariffs on the European Union, Canada and Mexico, and the macro situation was unstable
.
Due to the tightening of demand expectations due to the closure of India's Sterlite smelter, the LME copper spot-March discount narrowed sharply, and inventories rose sharply last Thursday, and follow-up attention was paid to whether there are still deliveries
.
And in June, Chile will usher in the negotiation of labor contracts in mines, and the supply-side disruption is expected to provide some support
for copper prices.
At present, London copper is trapped between the moving average groups, and there is no obvious momentum for upward attack and downward exploration, and it is expected that the overall operation will still be in the range of 6750-7000 US dollars / ton
next week.
