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Overnight, London copper rushed back down, of which 3-month London copper edged down 0.
09% to $5564 / ton, down 3% from the intraday high of 5736.
5 US dollars / ton, as bulls took profits after London copper continued to rise last week
.
In terms of positions, on November 11, the position of London copper was 378,000 lots, an increase of 3,077 hands per day, which was a ninth consecutive increase, and the increase in copper positions in the past three weeks showed that the copper price rise has funds to advance, and the bulls are enthusiastic about
longing.
Industry information: As of November 8, the long position of the US copper CFTC speculative fund increased by 29716, the short increase increased by 1378, and the net position of speculation was a net long of 39636 lots, indicating that speculative funds are actively bullish on copper prices
.
Inventories: As of November 14, LME copper stocks were reported at 266,150 tons, down 4,700 tons per day, marking an 18-day decline and a low since August 25 of the year, but still higher than the average inventory value of 229,000 tons during the year, and the high point of stocks during the year was 379175 tons
.
After recording double-digit gains last week, London Metal Exchange (LME) copper continued to rally on Monday after news of an expansion of infrastructure spending earlier than expected from major metals consumer China, but some analysts said the rally seemed excessive
.
Copper rose sharply last week, rising as much as 20% at one point, but analysts said the rise was not supported by fundamentals, and copper prices would fall.
Commodity economists said the news from China was generally positive, but not enough to rekindle the rally, adding that the price increase brought about by Trump's victory was simply unreliable and that he would have to wait until he took office to see how many plans could be implemented
.
At 17:00 London time on Nov.
14 (01:00 Beijing time on Nov.
15), three-month copper closed up 0.
4% at $5,569 a tonne, up 11.
2% last week, its biggest weekly gain since 2011
.
US President-elect Donald Trump's pledge to expand infrastructure spending also boosted the market
.
