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Overnight, London copper bottomed out and rebounded, turning into a rise during the day, of which 3-month London copper rose 0.
25% to $4935/ton, down 1.
69%
from the intraday low of $4853/ton.
At present, London copper is effectively running above the moving average group, and the short-term rebound pattern remains good
.
In the past week, Lun Copper has been the main player with increasing positions, indicating that bulls have taken the initiative, and the popularity of the copper market has increased
significantly.
Industry news: Deutsche Bank expects Rio Tinto's copper production to fall 4% to 135,000 tonnes in Q2 due to lower production at the Escondida mine and lower ore grades at the Oyu Tolgoi mine
.
Stocks: LME copper stocks were 229425 tonnes as of July 18, down 1,850 tonnes from Friday, a nearly one-month low and below the year-end average of 186,000 tonnes
.
LME copper ended up on Monday, buoyed by a falling dollar, but China's home price growth slowed from the previous month, adding to demand concerns and limiting
copper gains.
At 16:00 London time on July 18 (00:00 Beijing time on July 19), three-month copper closed up 0.
43% at $
4,939 a tonne.
