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Overnight, the euro continued to rise against the dollar to a new high since Brexit to close around 1.
14, and the US index was forced to continue to fall to 95.
5, updating the low since November 2016
.
London copper continued the rebound inertia, after opening around 5881 US dollars / ton, the Asian session quickly pulled up to around 5920 US dollars / ton, the European and American session based on the daily average of 5925 US dollars / ton continued to attack, once touched as high as 5963.
5 US dollars / ton
.
It closed at $5,925/mt, up $46/mt
.
The trading volume continued to increase by 8,696 lots to 23,910 lots, and the position fell by 2,308 lots to 329,000 lots
.
Lun copper five consecutive sunshine, stimulate short stop outflow, intraday or high at 5910-5960 US dollars / ton
.
In terms of the market, as of June 29, the spot price of London copper was 5661 US dollars / ton, which was 8.
75 US dollars / ton discount from the March contract; London copper stocks were 243,300 tons, down 5,375 tons from the previous day; copper stocks in the previous period were 56,400 tons, down 249 tons from the previous day; based on the closing price of Shanghai copper, the actual ratio of Shanghai copper 3 contract to London copper March contract was 7.
99 (import ratio was 8.
06), and the import loss was 328 yuan / ton
.
On the news, analysts said they expect the dollar's performance to be generally weak
.
The view of China is relatively optimistic, and copper prices will be supported
in a tighter supply situation.
China's strong electricity consumption usually bodes
well for copper demand.
A weaker dollar making dollar-denominated metals cheaper for buyers holding other currencies will potentially boost demand
.
China's copper consumption accounts for nearly half of
global copper demand.
Global copper demand is estimated at around 23 million tonnes
this year.
China's electricity consumption rose 6.
0%
year-on-year in April.
The industrial metals market will be closely watching manufacturing, investment, housing and lending data for clues
to the strength of China's copper demand in the coming months.
