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Overnight, London copper showed a bottoming out, of which the 3-month London copper only fell slightly by 0.
1% to 4671 US dollars / ton, up 0.
65% from the intraday low of 4640 US dollars / ton, indicating that its willingness to fall has weakened, but at present, London copper is still running below the moving average group, and the short-term decline risk remains
.
In terms of positions, on October 18, the position of London copper was 313,000 lots, a daily decrease of 9,659 lots, indicating that after the copper price fell, the long and short actively reduced their positions and left the market, and the popularity of the copper market was very low
.
Industry information: The latest report of the World Bureau of Metal Statistics shows that the global copper market has an oversupply of 90,000 tons from January to August this year, of which global copper consumption is 15.
59 million tons, an increase of 800,000 tons year-on-year; Production was 15.
68 million tons, an increase of 680,000 tons year-on-year, China's copper production increased by 424,000 tons, Chile's output increased by 30,000 tons, and the copper market surplus in 2015 was 302,000 tons
.
Stocks: LME copper stocks were 350625 tonnes as of Oct.
19, up 2,625 tonnes per day, close to the year's high of 379175 tonnes
.
London copper fell on Wednesday after data from China's National Bureau of Statistics showed China's gross domestic product grew steadily in the third quarter, in line with market expectations, but the looming slowdown in the real estate market made the outlook for copper demand mixed
.
However, the high volatility of crude oil still supports a large correction, and the weak shock pattern in the short-term London copper range is difficult to break, the range is 4650-4680 US dollars / ton, today pay attention to the speech of New York Fed President Dudley and the third debate of the US presidential candidate, British retail sales data and the European Central Bank interest rate decision
.
At 16:00 London time on October 19 (00:00 Beijing time on October 20), three-month copper closed down 0.
2% at $4,671 a tonne, holding steady for the past two days and holding above
a one-month low of $4,623.
25 hit on Friday.
