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Overnight, London copper opened at $6841.
5 / ton, and began to run
on the daily moving average.
It rose slightly after entering European time, reaching a high of $6,860/mt
.
Affected by the rise of the US dollar, copper prices fell all the way to a low of 6674 US dollars / ton, and then rose slightly, and the end of the session fluctuated slightly, closing at 6726.
5 US dollars / ton, down 104 US dollars / ton, the trading volume increased by 3459 hands to 22180 lots, and the position decreased by 732 hands to 296,000 lots
.
In terms of news, Trump signed a memorandum of trade with China, announcing tariffs on $60 billion of Chinese goods, and China's Ministry of Commerce responded that it intends to impose tariffs
on about $3 billion of products imported from the United States.
The trade war between China and the United States has led to a sharp sell-off in global stock markets and increased risk aversion
.
Gold and JPY rose, especially USD/JPY fell below the 105 mark, hitting its lowest level
since November 2016.
Due to trade war concerns to re-suppress market sentiment, overnight outer metal closed down, London copper night trading again fell below $6800, down nearly three months low, the overall trend again weak and cautious, in the long run, scrap copper supply shortage on copper price support is better, technical above the average resistance is still somewhat suppressed, short-term fundamentals have no obvious positive support, bearish factors are still dominant, it is expected that today's London copper or maintain a line of volatility at $6800, it is difficult to say optimism
in the short term.
