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Overnight, London copper opened at 4601.
5 US dollars / ton, during the Asian session, London copper fluctuated around 4600 US dollars / ton, and then crude oil fell, London copper fell to the lowest 4565 US dollars / ton; Entering the European session, London copper shock rose to stabilize, the dollar jumped in the evening, London copper straight down to the lowest 4540 US dollars / ton, in the break of the previous low, then crude oil rebounded, the dollar fell, London copper sharply rebounded to touch the 4600 US dollars / ton mark, and finally closed at 4596 US dollars / ton, down 38 US dollars / ton
from the previous day's closing price.
On the macro front, Fed officials continued to release hawkish rhetoric, increasing interest rate hike expectations, and non-ferrous metal prices came under pressure
.
Domestically, China's economy is still facing downward pressure, and the global economic recovery continues to be weak and facing uncertainty
.
In terms of industry, Macquarie recently predicted that the average copper price in 2016 was 4893 US dollars / ton, rising to 5263 US dollars / ton
in 2017.
Overnight, London copper bottomed out, two consecutive days of bottom characteristics, if it can stand on the 5-day moving average today, it can continue to rebound upward, and it is expected that London copper should run
within $4585/ton to $4635/ton.
