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Last night, during the European session, London copper began to decline from the $5809.
5 / ton level, tested the low of $5785 / ton and then rebounded in the short term, and rose to 5806 US dollars / ton
before the US market.
After entering the US session, copper prices fell again, dipping low to $5758.
5 / ton, and then the center of gravity recovered slightly, returning to around $5775 / ton
.
Finally, London copper closed at $5774.
5/ton, down 0.
33%.
Today, London copper traded 11,000 lots, and its position increased by 1,648 lots to 276,000 lots
.
On the macro front, the US market confidence is weak, the US consumer confidence index is far less than expected, coupled with the US Congress to launch the impeachment process against President Trump, the market risk aversion is strong, the euro area economy continues to be weak due to recent manufacturing data, and the global macro situation is not conducive to copper prices rising
.
On the domestic side, the current recovery of consumption is still slow, and there is not enough
momentum to support the rise of copper prices.
Copper prices both fell both inside and outside last night, mainly as weak consumer confidence data in the United States exacerbated concerns about the global economy, and Trump's speech at the United Nations General Assembly made the trade outlook uncertain, bringing risk aversion to the market, and the CMX gold price broke above the 1540 level, weighing on copper prices
.
In crude oil, API crude oil and gasoline inventories announced today have both increased sharply, weighing on oil prices, reflecting the market's pessimism about demand and bearish the copper market
.
