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Last night's European and American session, due to the market wait-and-see sentiment is stronger, London copper maintained stability, around the daily moving average narrow range oscillation, at the end of the European session, the US index is still strong to maintain a high of 97.
3, copper prices short-term low 6038 US dollars / ton, long positions, copper prices rose back to around 6065 US dollars / ton, then the US market session, the US index all the way higher, the end of the session to test the high of 97.
55, London copper under pressure, the center of gravity shock fall, during the test of the daily average failed to stand, and finally fell to around 6040 US dollars / ton, the end of the session bottomed out 6038 US dollars / ton , closed at $6,042/mt
.
In terms of inventory, on the 12th, LME stocks fell again by 1,725 tons, the total inventory to 169,000 tons, the decline was dominated by American inventories, Europe and Asia wrote off warehouse receipts absolute volume has been relatively low, LME spot premium rebounded the previous trading day, foreign market structure is still unchanged, Indian smelting capacity still has not recovered and Chile smelting capacity may interfere, foreign market spot status has not changed, so LME inventory is still expected to decline
.
On the macro front, after the mid-term elections in the United States last week, the market focus returned to the US interest rate hike and the European political crisis, and the euro weakened, making the US index break through new highs again, and copper prices rebounded weakly
.
At present, the center of gravity of London copper is completely off the 60-day moving average, and the MACD green column is significantly elongated
.
