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Overnight, London copper opened at 5784.
5 US dollars / ton
.
At the beginning of the Asian market, London copper stopped near the daily moving average, and then domestic bulls have increased their positions in, copper prices rose sharply, after breaking through the 60-day moving average, because the upper is still subject to the pressure of the 5, 10-day moving average, copper prices began to consolidate around 5840 US dollars / ton, in the afternoon, with the further rise of the domestic black series, copper prices broke through the upper moving average suppression, and in the European session backed by the Bollinger Road mid-track consolidation, the evening US March ADP employment data stronger than expected, the highest since December 2014, The bulk market was generally rising, with London copper touching as high as $5,944 / ton, and pulling back at a late high, closing at $5,924.
5 / ton, up $141.
5 / ton
.
London Metal Exchange (LME) copper futures rose 2 percent on Wednesday, in line with a general climb in the base metals market after good U.
S.
employment data and Chinese buyers returning to the market
after a two-day holiday.
At 16:00 London time on April 5 (00:00 Beijing time on April 6), three-month copper rose 2% to close at $
5,895 a tonne.
Traders said copper's return to the 100-day moving average cut above the $5,790 resistance level improved the technical picture
.
Commerzbank analysts said the report was good enough to encourage a rise
in optimism among market participants.
Copper futures were boosted by the latest ADP US employment data
.
Analysts said the jump in oil prices to one-month highs also boosted more general buying of commodities
.
U.
S.
stocks climbed after ADP Employer Services, a private employment service, said private jobs rose 263,000 in March, higher than the increase in February and well above analysts' estimates
.
Market participants are awaiting the minutes of the Federal Reserve meeting later on Wednesday and the results
of this week's meeting between US President Donald Trump and Chinese President Xi Jinping.
Overnight London copper low rise, the news of the establishment of the domestic Xiong'an New Area has significantly improved the market risk appetite, driving the overall performance of base metals inside and outside the day optimistic, in the evening under the bright ADP data in the United States London copper upward broke through layers of moving average resistance, but the late pullback trend is obvious, it is expected to correct the evening too fast rise within the day, the operating range of 5850 ~ 5920 US dollars / ton
.
