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Overnight London copper rose strongly, of which 3-month London copper rose 0.
66% to 4788 US dollars / ton, from the low of this round of correction of 4633 US dollars / ton up 3.
35%, close to the level of October 12, the current London copper broke upward, running above the moving average group, short-term upward willingness to
climb.
In terms of holdings, on October 26, the position of London copper was 314,000 lots, a daily decrease of 2,921 lots, which was at a low level during the year, indicating that the sentiment of the copper market is still sluggish
.
Industry news: Goldman Sachs expects copper prices of $4,200/ton in 12 months, higher than the previous expectation of $4,000/ton, and expects copper prices of $4,300 in the next March-June, higher than the previous expectation of $4,200/ton
.
Kazakhstan produced 97,100 tonnes of copper from January to September, up 66 percent from 58,400 tonnes a year earlier
, as production increased at its two major mines.
Stocks: As of October 27, LME copper stocks reported 331,450 tons, down 4,775 tons per day, down more than 12% from the end of September, LME copper stocks supported copper prices, but still well above the average inventory value of 217,000 tons during the year, and the high point of stocks during the year was 379175 tons
.
London copper futures hit a two-week high on Thursday as markets focused on the prospect of growing demand in China, but reduced speculative activity after high prices at the start of the week capped gains
.
The LME three-month copper was last quoted at $4,769.
50 a tonne, up 0.
27% and the highest since Oct.
13
.
Copper rose about 3%
during the week.
