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Overnight, London copper opened at 5545.
5 US dollars / ton
.
During the Asian session, London copper around the daily moving average wide oscillation, low 5524 US dollars / ton, European session, London copper began to fluctuate higher, rose to 5574.
5 US dollars / ton after turning down, continued to build a bottom in the evening, the end of the long increase position, London copper back to the daily average and recorded a daily high of 5591 US dollars / ton, closed at 5585 US dollars / ton, up 44.
5 US dollars / ton, the trading volume decreased 10437 hands to 17335 hands, and the position increased 1755 hands to 345435 lots
.
In terms of news, a spokesman for the Cerro Verde copper miners' association in Peru, a subsidiary of Freeport-McMoRan, said that if management insists on punishing workers who participated in the previous strike, then a new round of strikes
will be considered.
Copper prices tumbled on Wednesday and Thursday as weak Chinese manufacturing PMI data and global copper inventories soared
.
In terms of the market, as of May 5, the spot price of London copper was 5531 US dollars / ton, which was 22 US dollars / ton discount to the March contract; London copper stocks were 354,700 tons, an increase of 94,900 tons from the previous week; copper stocks in the previous period were 78,000 tons, down 14,700 tons from the previous week; measured by the closing price of Shanghai copper, the actual ratio of Shanghai copper 3 contract to London copper March contract was 8.
13 (import ratio was 8.
17), and the import loss was 45 yuan / ton (excluding financing income).
Overnight London copper around the daily average wide range oscillation, LME copper inventory continued to rise effect seems to have been exhausted, the United States April non-farm data is better than expected, the bearish atmosphere gradually dispersed, London copper short-term low reaction, is expected to operate in the intraday range of 5550 ~ 5620 US dollars / ton
.
