Overnight, London copper opened at 4752 US dollars / ton, Asian session, affected by the weakening of the US dollar and the rise of China's A shares, Lun copper bears actively reduced their positions to avoid safety, copper prices rebounded upward, touched 4782 US dollars / ton, copper prices plunged again in the afternoon, fell below the daily average after a slight rebound, but still unable to fall; Entering the European session, London copper touched the 60-day moving average after a sharp rebound, but continued to recover weakly, low 4752 US dollars / ton, the night dollar weakened, crude oil rebounded, London copper back to the daily moving average, bears hesitated, the end of the strong rise, and finally closed at 4772 US dollars / ton, up 20 US dollars / ton
from the previous day's closing price.
According to industry news, the DRC state-owned mining company Gecamines (National Mining Corporation) said that China Nonferrous Mining Group may invest up to $2 billion to develop its most promising copper assets
In terms of stocks, as of August 15, LME copper stocks reported 207,150 tons, an increase of 4,775 tons from yesterday, close to the level of August 4 this year, higher than the average inventory value of 192,000 tons during the year, and the largest increase since July 12
Overnight, Lun copper stabilized and fluctuated at a low level, recording a small white candlestick with bare feet, and the support below was obvious but the rebound was weak, and it is expected to run within
$4750/ton to $4800/ton today.