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Overnight London copper oscillation rebound, of which 3 months London copper closed up 0.
69% to 4830 US dollars / ton, this morning further higher running to 4850 US dollars / ton, currently London copper effectively running above the main moving average group, its upper rebound resistance focus on 5000 US dollars / ton
.
In terms of positions, on September 27, the position of London copper was 329,000 lots, a daily decrease of 246 lots, and short-term London copper positions increased and decreased, showing that the long and short operations were repeated
.
On the macro front, at present, liquidity is unlikely to be further loosened under the current conditions, so the short-term upward momentum of copper prices is still relatively lacking
.
The downside is limited by supply costs, OPEC has reached a frozen production agreement, energy costs have been extremely difficult to fall, and labor costs are even more difficult to reduce down, so copper mine cost control can only rely on reducing expenses
.
Industry news: BHP Billiton said it will restart the Olympic Dam copper-gold mine project
thanks to backup generators.
The London Metal Exchange (LME) confirmed on Wednesday that it plans to freeze the maximum rent for storage for five years
after consultation with members.
The exchange unveiled the plan in July to combat the sharp increase in rents in LME system
warehouses.
The LME is owned
by HKEX.
Inventories: LME copper stocks were 369075 tonnes as of Sept.
28, ending a rally of 2,400 tonnes per day, but well above the year's average of 205,000 tonnes, which is close to December 2013 levels
.
The recent increase in LME copper inventories and the decrease in Shanghai copper inventories have made investors doubt China's future demand, and the pressure on London copper has been obvious, and the market has weakened
.
Overnight London copper low rise, LME inventory ended a few days before the rally to provide London copper to provide a return momentum, this morning OPEC meeting announced the conclusion of a frozen production agreement, crude oil market all the way to touch 47.
45 US dollars / barrel, is expected to boost London copper, is expected to operate in today's range of 4835-4865 US dollars / ton
.
