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Overnight, London copper continued to weaken
, affected by another surge in inventories and a stronger dollar.
Open at 6678.
5 US dollars / ton, the beginning of the session around the daily moving average of 6680 oscillation, the subsequent bears gradually entered the market to suppress copper prices, down to 6650 US dollars / ton for a slight consolidation
.
Then the news of the surge in inventories broke that Zhilun copper continued to fall, reaching a low of around
$6560 / ton.
The announcement of the Trump administration's tax reform plan in Europe and the United States boosted the dollar, and London copper was once again suppressed, running around $6550 / ton
.
Finally, it closed at 6555 US dollars / ton, down 117 US dollars / ton, the transaction increased by 3960 lots to 20991, and the position increased by 3896 lots to 359,000 lots
.
In terms of the market, as of September 13, the spot price of London copper was $6,602/ton, a discount of $40.
75/ton over the March contract; The actual ratio of Shanghai copper spot to London copper spot was 7.
74 (import ratio was 7.
74), and the import profit was 312 yuan / ton; The actual ratio of Shanghai copper 3 contract to London copper March contract was 7.
71 (import ratio was 7.
74), and the import loss was 220 yuan / ton
.
In terms of news, due to possible new developments in US tax reform, the dollar rose sharply overnight to suppress non-ferrous metals
.
The Chinese government believes that some regional de-capacity work is not in place, coupled with the surge in copper stocks this week, most non-ferrous metals fell
overnight.
On the whole, the important schedule of US tax reform was announced, the US dollar index broke through the 92 mark, refreshing the high since September 5, LME fund managers grasped profit taking, short-term non-ferrous metal adjustment continued, and new orders were mainly
wait-and-see.
