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Overnight, London copper bottomed out again, continuing the rebound trend that began in early June, in which the three-month London copper edged up 0.
21% to $4850 / ton, thus effectively stabilizing above the moving average group, and the daily closing price hit a new high
in a month and a half.
This week, London copper increased its positions mainly higher, indicating that bulls actively entered
the dip.
Industry news: Mexico's copper production in April increased by more than 5% year-on-year to 41,447 tons
, according to the National Institute of Statistics.
In addition, Chile's copper production fell 6.
8% year-on-year in May due to lower ore
grades.
Stocks: As of June 30, LME copper stocks reported 194,200 tons, up 1,250 tons from yesterday, after 12 trading days of 11 days of decline
.
London copper futures slipped today but are on track for a third straight week of weekly gains as expectations of monetary stimulus support the market, but gains are constrained by concerns
about China's economic growth.
Three-month copper on the London Metal Exchange (LME) slipped 0.
14% to $
4,838 a tonne.
Copper prices have risen more than 7%
in three weeks.
