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Overnight, London copper opened at $5685.
5/mt
.
After the open, the center of gravity followed crude oil slowly upward, and the Asian market once rebounded to 5717.
5 US dollars / ton, and gradually gave up the gains in the afternoon to weaken.
Entering the European and American hours, OPEC production reduction meeting is underway, Saudi oil ministers believe that there is no need to expand the scale of production cuts, U.
S.
crude oil heard the news fell sharply, London copper turned down, quickly broke through the daily moving average, tested down 5672 US dollars / ton, and then some bulls counterattacked, pushed London copper to a daily high of 5768.
5 US dollars / ton, but obviously high is cold, London copper briefly touched high and then fell back near the daily moving average, closing at 5729.
5 US dollars / ton, up 26.
5 US dollars / ton
.
London Metal Exchange (LME) benchmark copper hit a three-week high on Thursday as concerns about extended production disruptions at Indonesia's Grasberg mine prompted short covering
.
Europe and major consumer China have a long weekend
this week.
China's industrial metals market will be closed on Monday and Tuesday due to the Dragon Boat Festival holiday, and most of Europe will have a public holiday on Monday, which will be affected by the weak trading of industrial metals
.
The strike of about 9,000 employees at the Freeport-operated Grasberg copper mine will enter its second month as disputes over employment conditions and layoffs remain unresolved
.
A copper trader said people were talking about Grasberg's strike prolonging.
.
.
The market is illiquid, amplifying the impact of
profit-taking.
But ultimately it depends on China's economic growth and demand, but it doesn't look terribly healthy
.
At 16:00 London time on May 25 (00:00 Beijing time on May 26), three-month LME copper closed up 0.
7% at $5,723 a tonne, earlier hitting its highest since May 3 at $5,768.
50
.
Overnight late bullish short-term operation led to London copper close longer upper shadow, OPEC extended production cut dust settled, oil prices bullish weaker, the dollar stopped falling upward, it is expected that intraday London copper weak running at 5680 ~ 5725 US dollars / ton
.
