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Overnight, London copper rushed back down, cutting some of the intraday gains, of which 3-month London copper edged up 0.
71% to $4809 / ton, but at present, London copper is still stable above M60, intraday focus on whether the line support is effective
.
In the past week, the London copper position reduction oscillation operation (a cumulative decrease of 24,000 lots), indicating that the long and short actively reduced their positions and left the market, and the sentiment of the copper market was very low
.
Industry news: Chile's state-owned copper company (Codelco) said it may cut copper production in the future, because the cost reduction has reached the limit
.
Stocks: LME copper stocks were reported at 213425 tonnes as of Aug.
18, up 125 tonnes from yesterday, close to the level of July 27 and well above the year-long average of 192,000 tonnes
.
London Metal Exchange (LME) copper futures closed higher on Thursday as Federal Reserve minutes showed policymakers were in no hurry to raise interest rates, dragging the dollar down and worries about Chinese demand waning
.
At 16:00 London time on August 18 (00:00 Beijing time on August 19), three-month copper closed up 0.
7% at $
4,810 a tonne.
