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Overnight, London copper opened at 4678 US dollars / ton, during the Asian session, London copper rushed to 4714 US dollars / ton after being blocked from pullback, and then maintained a narrow range around 4710; Entering the European session, benefiting from the continued weakening of the US dollar, London copper fluctuated higher, the highest broke through the 5-day moving average to 4751 US dollars / ton, crude oil at night first fell and then rose, London copper tested as low as 4688 US dollars / ton and then rebounded and fell back, and finally closed at 4692.
5 US dollars / ton, up 14.
5 US dollars / ton
from the previous day's closing price.
In terms of inventories, LME copper stocks reported 161625 tonnes as of May 11, up 725 tonnes from yesterday, marking a seven-day increase and a new high
in more than two months.
Industry news, Chile's copper production in March increased slightly year-on-year, mainly due to last year's low base; April production figures are expected to be low, but production is expected to increase somewhat in May (although it may not be good).
Peru's copper production rose 46% year-on-year in March, in line with previous expectations, and it will still take time
for Peruvian copper supply to reach design capacity.
Overnight London copper rushed back down, resistance around 4700 is still there, long and short cautious avoidance, waiting for clear guidance, the current plate is temporarily stable, today London copper should run
within 4680 US dollars / ton to 4720 US dollars / ton.
