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Overnight, London copper opened at 6542 US dollars / ton, the overall running in the 40-day line and 5-day line crossing, the beginning of the session around the daily average of 6540 US dollars / ton oscillated up and down, the high to 6554 US dollars / ton, the low to 6522 US dollars / ton
.
LME inventories continued to decline in the afternoon, positive for copper prices, pushing from a low of $6,512/mt to $6,560/mt
.
In Europe and the United States, affected by the continued decline in LME net long positions, copper prices fell slightly, reaching the lowest of 6506.
5 US dollars / ton in the day, and finally closed at 6533.
5 US dollars / ton, up 1.
5 US dollars / ton, the transaction decreased by 2395 to 13395, and the position decreased by 3998 to 362,000 lots
.
In the market, as of September 19, the spot price of London copper was 6487 US dollars / ton, a discount of 52.
25 US dollars / ton compared with the March contract; The actual ratio of Shanghai copper spot to London copper spot was 7.
79 (import ratio was 7.
76), and the import profit was 603 yuan / ton; The actual ratio of the Shanghai copper 3 contract to the London copper March contract was 7.
8 (the import ratio was 7.
75), and the import profit was 282 yuan / ton
.
From a technical point of view, copper prices below the search for support is effective, London copper 6400-6500 and Shanghai copper 50000 for a strong support area, London copper small fork above the 40-day line and Shanghai copper main force above the 51000 gap temporarily pressure, but as the LME delivery is nearing the end, copper prices have the possibility of continuing to rebound after laying a good foundation, it is expected that today's London copper range of 6520 ~ 6575 US dollars / ton
.