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During the domestic Dragon Boat Festival, the outer pan copper rushed back down, fell below the previous low, and is currently temporarily supported
around $4500 / ton.
In terms of news, the number of oil rigs in the United States increased for two consecutive weeks, and the problem of excess supply of crude oil once again became the focus of contradictions, and oil prices fell by more than 5% from their highs in two days, affected by this, the base metals market was under obvious pressure, and copper prices were under obvious pressure
.
On the macro front, in the United States, the US initial jobless claims last week were lower than expected and the previous value, employment picked up steadily, and the US Michigan consumer confidence slightly exceeded expectations, and the dollar index rose sharply by more than 1%.
In Europe, British polls showed a sharp lead in pro-Brexit numbers, the pound fell heavily, European and American stock markets extended losses, and market risk aversion rose
.
Domestically, China's CPI fell in May, PPI growth continued to pick up, and the economy was still in the process of
building a bottom.
After opening high to $4,633.
5 / ton on Thursday, the two-stage dive reached a minimum of $4483.
5 / ton, and then stabilized
around $4500 / ton.
The latest data showed LME copper stocks fell by 2,550 tonnes, which traders said could support copper prices
in the short term.
But in the long term, weak demand growth and oversupply in China are expected to limit the room
for sharp price increases.
