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Overnight, London copper extended its daily rally, of which 3-month London copper soared 2.
16% to $5100 / ton, the daily closing price hit a high since November 4 last year, and Duolun copper rose 10.
07%
in the past two weeks.
In terms of positions, on November 4, the position of London copper was 339,000 lots, an increase of 3,076 hands per day, and the increase in the position of London copper in the past two weeks showed that the rise in copper prices had funds to advance, and the difference between long and short increased
.
The London Metal Exchange (LME) copper contract hit its highest since March on Monday after the FBI failed to press charges against Clinton after reinvestigating her emails, which boosted global markets
ahead of Tuesday's election.
Clinton is seen as a status quo candidate whose policies are more predictable than those of her opponent, Republican candidate Trump, meaning that news favorable to Clinton's victory usually boosts global risk appetite
.
At 17:00 London time on Nov.
7 (01:00 Beijing time on Nov.
8), three-month copper closed up 2% at $5,098 a tonne, the highest since
March 18.
Over the past two weeks, investor confidence in China and the global economy has improved, boosting copper prices
.
Barclays analysts said the rise in copper was due to a sharp improvement in market confidence in the Chinese economy, and the stimulus measures introduced by the Chinese government proved to be stronger and more durable
than expected.
U.
S.
and Chinese manufacturing data and falling copper inventories helped copper prices rise
.
Analysts say copper is a magical market and it's all about
China.
But at the current price point it is very dangerous
.
It believes that copper has risen for several consecutive days, making it easier for prices to fall, especially when the US election day is approaching, and the market is more nervous and volatile
.
Overnight, London copper opened high, all the way to the upside, although the dollar was boosted strongly by the October LMCI exceeded expectations, once again showing the good outlook of the US labor market, but the trend of London copper has deviated from the impact of the dollar, today released China's October import and export data, Germany September industrial output and the United States September September JOLTs job vacancies, bulls or waiting for the opportunity to fall for safety, it is expected that London copper operating range of 5030-5130 US dollars / ton
.
