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On Friday, London copper rebounded low, but the upward rush at the 60-day moving average was blocked, and the rebound was slightly weak
.
During the Asian session, London copper once again fell to the lowest of 4761.
5 US dollars / ton, and then rebounded at a low level, consolidating in a narrow range around the daily moving average, and the dollar fell in the afternoon, and London copper rushed higher again; Entering the European session, London copper picked up the rally again, the highest recorded 4815 US dollars / ton, and then the fall in crude oil dragged copper prices down, at present, London copper should be at a low level of shock consolidation
in the short term.
On the macro front, recently, the US dollar has continued to strengthen and weigh on copper prices, and the latest non-farm payrolls data is weaker than expected, resulting in a weaker dollar, copper and other non-ferrous metals trend to get some support, but non-ferrous fundamentals still have not improved, copper prices rebound is limited, and upward pressure still exists
.
In terms of stocks, as of May 6, LME copper stocks reported 159025 tons, a weekly increase of 9,525 tons or 6.
37%, a two-week increase and a record level
since March 17 this year.
Overall, last Friday London copper several times rushed back down, up and down fluctuations, is still suppressed by the moving averages upward difficult, from the weekend trade data, copper and other commodity imports have decreased sharply, it is expected that London copper in 4740 US dollars / ton to 4800 US dollars / ton operation
.
