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Yesterday, during the European session, London copper rushed back down to around 6200 US dollars / ton oscillation, because Germany France Eurozone released a series of markit manufacturing PMI data, less than expected, the euro, the pound was frustrated, the US index rose strongly, the evening US October Markit manufacturing PMI, the United States October Markit service PMI, the United States October Markit composite PMI data have exceeded expectations and the previous value, the US index still maintains a strong pattern, Breaking through a new high of 96.
532 in nearly two months, short positions increased into the market, copper prices fluctuated widely, and at 21:00 in the evening, the US index fell slightly, supporting copper prices to break through the $6200 / ton mark, but failed to maintain, and finally fell to the lowest point of $6171 / ton
.
The collapse of the US stock market caused market panic, the Italian budget stalemate hidden crisis, the Brexit dispute brought exchange rate concerns, the Sino-US trade war fears persisted, global risk events escalated, economic slowdown worries about the outlook for metal demand, the market wait-and-see sentiment was strong, and enthusiasm for entering the market declined
.
At present, weak Eurozone data and European political tension weighed on the euro, boosting the US index, in addition to the spread of pessimism in the global stock market, the negative impact of the non-ferrous metal market amplified, the upward pressure on copper prices increased, LME inventories increased for 2 consecutive days, copper downstream consumption was not positive, and it was also one of
the factors under pressure on copper prices.
