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Overnight, London copper fell under pressure, of which 3-month London copper fell 1.
93% to 4715 US dollars / ton, the largest one-day decline in 4 months, and the closing price returned to the level of a month ago, the current London copper fell back below the moving average group, short-term decline risk increased
.
In terms of positions, on October 12, the position of London copper was 322,000 lots, a daily decrease of 475 lots, indicating that short-term long-short trading is still repeated, and the sentiment of the copper market is sluggish
.
Stocks: As of October 13, LME copper stocks reported 346,150 tons, down 1,700 tons per day, down 10 consecutive days, but still far higher than the average inventory value of 217,000 tons during the year, and the high point of the year was 379175 tons
.
Goldman Sachs said, "On the copper side, the main reason for the expected downward trend in copper prices over the next three to six months is increased oversupply, but we realize that we are entering a seasonal phase of weak demand, during which inventories tend to increase and prices generally fall.
"
”
Copper futures fell nearly 3 percent on Thursday as China's September trade data showed a sharp drop in exports, raising new concerns
about Chinese demand.
China is the world's
largest consumer of copper.
At 16:00 London time on October 13 (00:00 Beijing time on October 14), three-month copper closed down 2.
1% at $4,712 a tonne, falling earlier to a one-month low of $
4,687.
At that level, copper futures are about 4%
below the two-month high of $4,889 hit at the end of September.
