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Overnight, London copper opened at 4809.
5 US dollars / ton, during the Asian session, the US dollar was driven by hawkish remarks to open high and go higher, standing on the 5-day moving average, crude oil was affected by long profit taking and US drilling platforms increased for eight consecutive weeks to give up gains, London copper bulls sharply reduced their positions to avoid risk, copper prices fell all the way down below the 60-week line support; Entering the European session, London copper inertia is to continue to fall, low 4738 US dollars / ton, then copper prices rebounded, touched the daily average after the pressure fell back to the lowest level of 4735 US dollars / ton, overnight by the weakening of the US dollar support low level recovery, the end of the day continued to fall, and finally closed at 4758 US dollars / ton, down 50 US dollars / ton
from the previous closing price.
Industry information: According to data from the International Copper Research Group (ICSG), the global supply of refined copper was 223,000 tons from January to May this year, compared with a supply shortage of 39,000 tons
in the same period last year.
Inventories: LME copper stocks were 229375 tonnes as of Aug.
22, up 18,750 tonnes from Friday, a nearly one-and-a-half-month high, and well above the yearly average of 192,000 tonnes
.
London copper futures fell to a five-week low on Monday as a hawkish comment from a Fed official strengthened the dollar
.
At 16:00 London time on August 22 (00:00 Beijing time on August 23), three-month copper closed down 1% at $4,748.
5, hitting its lowest level since July 11 at $4,735
.
