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Overnight, London copper is still under downward pressure, intraday low to 6692 US dollars / ton, although the end of the session to repair upward, but the weakening trend is obvious, closing at 6727 US dollars / ton, up 23 US dollars / ton, trading minus 3298 to 15151, position down 2878 to 321,000 lots
.
In terms of news, the United States asked allies to reduce their oil imports to Iran to zero in November, when it will also resume comprehensive sanctions against Iran, the news exceeded the impact of Saudi Arabia's sharp increase in crude oil production, pushing oil prices up and boosting the overnight copper bottoming rebound
.
At present, the trend of low risk appetite has eased slightly, but the global impact of the trade war will be long-term, through the decline in global trade leading to an economic downturn, and for now this negative expectation continues to put pressure
on risk assets.
Overall, market panic has subsided
.
At present, there is no obvious contradiction in copper fundamentals, and in the case of copper fundamentals remaining balanced, copper price trends are mainly affected
by macro aspects.
If the trade war does not develop further, copper prices will remain stable in the current operating range in the short term
.
