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Overnight, London copper opened at 5855.
5 US dollars / ton
.
During the Asian session, London copper around the daily moving average narrow consolidation, into the European session, LME inventory for the second consecutive day of a large increase, the proportion of written off warehouse receipts fell back to 41.
19%, London copper heard the news dived, hovered at the 60-day moving average, trying to test the daily average, but as crude oil fell sharply, the pressure above London copper, copper prices fell again below the 60-day moving average, probed as low as 5759 US dollars / ton, closed at 5779.
5 US dollars / ton, down 75.
5 US dollars / ton
.
London copper futures fell to their lowest level in a month on Tuesday as inventories surged and zinc futures hit a seven-week low on fears that good supply in the market prompted investors to close their positions
despite mine strikes and closures.
LME data showed that registered warehouse receipts for copper stocks in LME warehouses jumped 74% this week, with most of the increase in Asian warehouses
.
On Friday, weekly inventories on the Shanghai Futures Exchange rose by 23,974 tonnes, with the total inventory level just below 320,000 tonnes, the highest since
late April last year.
Societe Generale's head of metals research in London said the sharp increase in inventories caught the market by surprise, but it may be over-interpreted as reflecting slowing
demand in China or Asia.
The start of the year is mostly quite slow, the first quarter is quite weak, and then the second quarter is very strong, and the pattern has not changed
.
There may be buyers who will be willing to buy on the dip
.
Supply disruptions at the world's two largest mines in Chile and Indonesia pushed copper prices back above $6,000 a tonne last month, and the Cerro Verde mine, one of Peru's largest copper producers, is also scheduled to start a five-day strike
on Friday.
The consensus is that reduced mine supply combined with a recovery in global demand will lift copper prices
.
Analysts say copper prices target $6,500 over the next six to 12 months
.
At 17:00 London time on March 7 (01:00 Beijing time on March 8), three-month LME copper closed down 1.
5% at $5,773 a tonne, the lowest price since Feb.
6, and closed 1%
lower in the previous session.
