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During last night's European session, London copper consolidated at a low level after falling sharply in the afternoon, and the center of gravity of copper prices was at $5870 / ton
.
Around the U.
S.
session, the center of gravity of copper prices began to move upward, and copper prices tested higher at $5899 / ton but failed to stand at the 5900 mark
.
Copper prices then fell downward, and finally London copper closed at 5,880 US dollars / ton, down 0.
73%, with a volume of 10,000 lots, and long positions reduced by 1 lot, holding 289,000 lots
.
In terms of crude oil, U.
S.
shale oil production continues to grow, OPEC refuses to strengthen production cuts, the prospect of oversupply is prominent, and U.
S.
oil is currently back below $57, which is difficult to boost
copper prices.
Watch the ZEW economic sentiment index for November in Germany and Eurozone today for guidance on demand expectations
.
Last night's internal and external copper prices showed a surge and fall, mainly because yesterday's release of China's PPI data and social finance data are less than expected, and the UK's preliminary GDP in the third quarter recorded the lowest level since the third quarter of 2010, industrial output data is also unsatisfactory, the market accordingly lowered the expectation of global demand recovery, in the early trade favorable gradual digestion and trade situation uncertainty, copper price rebound momentum is obviously insufficient
.
