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London copper afternoon commentary: oil prices rebounded higher, overnight London copper closed up 0.
11%; Overseas mine disturbances continue, domestic favorable policies support and Shanghai and London stocks fall, which has some support for copper prices, and copper is expected to rise
today.
Oil prices rebounded higher, thanks to the expected recovery of market demand, and the UK's announcement of a windfall profits tax on energy company profits, which helped oil prices rise, overnight London copper shock sorted out the closing line, the latest closing quotation of 9387 US dollars / ton, closed up 11 US dollars, or 0.
11%.
In the evening, Shanghai copper opened high, and the latest closing price of the main monthly 2207 contract was 71670 yuan / ton, up 490 yuan, or 0.
69%.
In terms of inventories, the London Metal Exchange (LME) reported 162425 metric tons of London copper on May 26, down 5,725 metric tons, or 3.
40%,
from the previous trading day.
