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Yesterday's European and American session, as the LME announced copper inventories fell to a 12-year low, London copper rose sharply, from yesterday's Asian session hit a bi-weekly low of 6113.
5 US dollars / ton straight up to around 6200 US dollars / ton narrow range, but still affected by the pessimism of the European market to guide the weak euro, the US index strongly broke through the new two-month high of 96.
732, the evening copper price retreated, giving up part of the gains, and then the bears took advantage of the dip exit, copper prices climbed again to the intraday high of 6227.
5 US dollars / ton, It closed at $6197.
5/ton, up 0.
32%.
In terms of inventories, LME inventories fell again, Asian inventories continued to increase slightly, but the increment was relatively small, and the decline in inventories continued to support LME
spots.
Although global inventories are relatively low, domestic spot quotations are dominated by discounts, indicating weak consumption in the spot market
.
Yesterday, the United States announced that last week's initial jobless claims reached 215,000, higher than the previous value, indicating that the US labor market is deteriorating, and yesterday's September commodity trade balance deficit expanded for four consecutive months, reflecting the vicious impact of the trade war on the United States, the European Central Bank announced that it will continue to maintain the three major interest rates unchanged, market sentiment is expected to stabilize, it is expected that the strength of the dollar index will not last long, coupled with the boost of copper inventories, copper prices are expected to recover
.
