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Yesterday, the US index closed at 93.
884, boosted by the US index, London copper still stood above the 40-day moving average yesterday, opening at 6094.
5 US dollars / ton, the highest rose to 6124 US dollars / ton, closed at 6115 US dollars / ton, up 28 US dollars / ton from the previous day, or 0.
46%.
Fundamentals, a report released by the World Bureau of Metal Statistics (WBMS) showed that the global copper market was oversupplied by 17,100 tons from January to July 2018
.
The surplus in July was significantly lower
than the May figure.
Global miner BHP Billiton said Thursday that it had partially closed
its Spence copper mine in Chile after a fire.
The mine produced 198,600 tonnes
of copper in 2017.
Trade dispute worries were released, currency risk aversion cooled, the dollar fell to 93.
8, and London copper jumped higher
.
Graphically, copper prices are running near the upper Bollinger band, and there are signs of stepping back after a rapid rebound, but the overall short-term strong pattern has not changed, and London copper is stronger than Shanghai copper
.