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Overnight, London copper opened at $5866/ton
.
During the Asian session, with the collective decline of commodities, copper prices fell to around $5,829 / ton along the daily moving average, and then the Indonesian spokesperson of Freeport McMullon Copper-Gold Mining Company said that copper concentrate production at the Grasberg mine had been resumed, ending more than a month of shutdown, copper prices plummeted, the low touched $5,781 / ton, the lower lead pierced the 10-day and 60-day moving averages, the bears covered back, copper prices repaired upwards to around $5,800 / ton, entering the European session.
As the dollar continued to fall, copper prices recovered, breaking free from the shackles of the daily moving average and recovering most of the decline; During the U.
S.
session, Lun copper fell to the daily average and tried to break through again, but supply-side worries eased slightly, and London copper was weak and difficult to touch the intraday low of 5761 US dollars / ton, closing at 5771 US dollars / ton, down 94 US dollars / ton
.
London Metal Exchange (LME) copper hit a one-week low on Tuesday as labor talks to resolve the strike at the world's largest copper mine in Chile are expected to resume and a large copper mine in Indonesia resumes
.
At 17:00 London time on March 21 (01:00 Beijing time on March 22), three-month LME copper closed down 1.
8% at $5,776 a tonne, erasing yesterday's 0.
9% gain
.
Copper futures earlier hit its lowest since March 14 at $
5,761.
Senior commodities analysts at Capital Economics said copper prices could plummet once the strike ended as demand appeared to be very subdued
.
China's growth is reasonably strong, but it has peaked and will gradually slow
for the rest of the year.
On the news front, BHP's Escondida copper miners in Chile said it was open to further talks, which could bring labor and management back down for talks
.
Freeport's Grasberg copper mine in Indonesia has resumed copper concentrate production, ending a shutdown of more than a month
.
Spot copper is trading at $27 from three-month copper, the widest since mid-January, reflecting ample
supply.
Overnight, London copper smoothly fell below all the recent moving averages, and is currently temporarily supported at the 20-week line, and it is expected that intraday London copper will continue to run weakly at 5770~5820 US dollars / ton
.
