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Yesterday in the evening of European and American hours, by the euro zone released the third quarter GDP year-on-year preliminary value and the preliminary quarter-on-quarter value are less than expected and the previous value, the euro was frustrated and fell, boosting the US index, London copper continued the downward trend in the afternoon, slightly fluctuated below the daily moving average, and then the bears entered the market with a position, copper prices fell sharply to 6040 US dollars / ton, during which copper prices tried to climb the daily moving average, unsuccessful, at 22:00 in the evening, the US side released the October Chamber of Commerce consumer confidence index higher than expected, all the way up to 97, Copper prices came under even more pressure, with a wide range of shocks at the end of the session to close down, falling below a new monthly low of $6014.
5 / ton, closing at $6025 / ton, a drop of 1.
66%
during the day.
On the news front, expectations of a US interest rate hike in December have strengthened
.
U.
S.
President Donald Trump said he thought there would be an "excellent deal" on trade with China, but he warned that huge new tariffs await implementation if no deal could be reached
.
Trump and President Xi/Jinping are expected to attend next month's G20 summit
in Buenos Aires.
An executive at BHP Billiton, the world's largest miner, said the company had lowered its forecasts for global economic growth next year and in 2020 because of a lose-lose outcome in the U.
S.
-China trade friction.
At present, the strength of the US index coupled with the turbulence of the macro environment has increased the downward pressure on copper prices
.
