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According to foreign news on October 8, London Metal Exchange (LME) copper jumped on Wednesday, as expectations of improved growth and solid demand boosted market sentiment and triggered a buying frenzy, pushing copper prices to break through key resistance levels and form further upward momentum
.
At 17:00 London time on October 7 (00:00 Beijing time on October 8), three-month LME copper rose $149, or 2.
28%, to close at $
6,679 a tonne.
Traders said a breach of the 50-day moving average level currently around $6,580 triggered short cover and pushed copper to a daily high
of $6,710.
Copper prices have risen by about 50%
since mid-March.
In mid-March, economic activity came to a standstill due to
the coronavirus shutdown.
Jens Pederson, an analyst at Danske Bank in Denmark, said: "We are optimistic that the global economy will recover in the coming year, which should benefit metals as metals are in a more favorable
situation than energy.
”
China's manufacturing activity continued its solid growth in September, with exports, the economic engine, accelerating on the back
of improved overseas demand.
China accounts for about half of
global industrial metal consumption.
President Trump halted talks with congressional Democrats on a stimulus package, news that weighed
on industrial metals earlier in the session.
A stronger dollar is also bad for metals, making dollar-denominated assets more expensive
for holders of other currencies.
