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Overnight, London copper rushed back down again, for the fifth consecutive day in a low narrow range fluctuations, of which 3-month London copper slightly rose 0.
15% to 4625 US dollars / ton, the current London copper effectively running below the moving average group, short-term decline risk remains
.
In terms of positions, on August 31, the position of London copper was 330,000 lots, a sharp decrease of more than 10,000 lots from the 30th, indicating that the confidence of bulls to buy long on the dip is obviously insufficient, and the popularity of the copper market is very low
.
On the macro front: The USDJPY and EUR faltered on Thursday, halting its rally ahead of important US non-farm payrolls data on Friday, which is expected to weigh on short-term interest rate expectations
.
Industry information: It is reported that due to the lack of a salary agreement, two copper mines in Chile are close to a possible strike, of which the Los Bronces copper mine produced 437,800 tons of copper last year, accounting for 8% of Chile's total production, and the other Salvador copper mine produced 49,000
tons of copper per year.
Stocks: As of September 1, LME copper stocks were reported at 304775 tonnes, up 11,250 tonnes from yesterday, an eight-day increase in a row, and a new high since October 9 last year (305225 tonnes).
Three-month copper on the London Metal Exchange rose $22, or 0.
48 percent, to $4,639 a tonne, after several changes
in the previous session.
Futures fell to their lowest price since June 24 at $4,600 a tonne on Wednesday, hit by an oversupply that has seen LME copper stocks jump 40 percent
over the past two weeks.
