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Overnight, London copper rose again and fell, of which 3-month London copper fell slightly by 0.
01% to 4648 US dollars / ton, the daily closing price returned to the level of a month ago, and the current London copper fell back below the moving average group, and the short-term decline risk remains
.
In terms of positions, on October 21, the position of London copper was 314,000 lots, an increase of 214 lots per day, which was at a low level during the year, indicating that after the copper price declined, the long and short actively reduced their positions and left the market
.
In terms of news: Chile's Codelco may be able to secure its position as the world's largest copper miner for a longer period of time, after the Chilean government hinted a few days ago that it would provide more money to the country's copper mining companies to help the company cope with the aging mines and declining production
.
Stocks: As of October 24, LME copper stocks reported 339,950 tons, down 6,825 tons per day, well higher than the average inventory value of 217,000 tons during the year, and the high point of stocks during the year was 379175 tons
.
London Metal Exchange (LME) copper ended slightly higher, buoyed by improved physical demand in China, after Chile's National Copper Company (Codelco), the world's largest copper producer, cut its 2017 European buyers' physical copper premium, reflecting expectations of adequate supply, curbing copper price gains
.
At 16:00 London time on October 24 (00:00 Beijing time on October 25), three-month copper closed up 0.
1% at $
4,638 a tonne.
Overnight London copper several times rushed back down, the upper impulse energy gradually weakened, the United States St.
Louis Fed President Bullard and Chicago Fed President Evans both made hawkish speeches, the dollar sword pointed to the 100 mark, the dollar high suppressed the London copper is difficult to break the performance, is expected to be in today's range of 4640-4670 US dollars / ton
.
Watch for US house prices for August, IBD Consumer Confidence for October and Richmond Fed Manufacturing Index for October
.
