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Overnight, the metal market was green across the board, and London copper rushed back down, because the market believed that the pressure from above was becoming more obvious, coupled with the drag of US factory data, resulting in the partial withdrawal
of funds.
Opened at 6919 US dollars / ton, the beginning of the session continued the night of the strong end, steadily up to the 6940 US dollars / ton platform operation, in the afternoon a wave of slight pull-up to a high of 6970 US dollars / ton, but failed to stand firm to fall back to around
6940 US dollars / ton.
In Europe and the United States, some funds sensed that the high pressure was becoming more and more obvious, locked in profits in advance, closed the position and caused copper prices to fall continuously, breaking the daily average at a low level to 6835 US dollars / ton, repairing to 6861 US dollars / ton at the end of the day, down 62 US dollars / ton, the transaction increased by 3499 to 17204 lots, and the position decreased by 421 hands to 345,000 hands
.
In terms of the market, as of September 5, the spot price of London copper was 6904 US dollars / ton, a discount of 30.
5 US dollars / ton compared with the March contract; The actual ratio of Shanghai copper spot to London copper spot was 7.
67 (import ratio was 7.
74), and the import loss was 237 yuan / ton; The actual ratio of the Shanghai Copper Lian 3 contract to the London copper March contract was 7.
74 (the import ratio was 7.
74), and the import profit was 40 yuan / ton
.
The sharp fall in copper prices this time is mainly due to the market's concerns about upward pressure, locking in some profits in advance, but the LME fund manager's positions continue to rise, indicating that the general environment is still bullish, in addition, LME inventories continue to be low, so short-term support copper prices are unlikely to fall
sharply.
The current trend of copper prices is closely related to the global economic recovery, and there may be a reversal around 6900 US dollars / ton in the short term, and it is expected that today's London copper 6855 ~ 6910 US dollars / ton
.
