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Overnight, London copper opened at 4685.
5 US dollars / ton, during the Asian session, London copper slightly rushed to 4704 US dollars / ton, then rebounded from the low, and weakened again in the afternoon; Entering the European session, London copper rose slightly first and then declined, diving sharply, contrary to the trend of crude oil, falling below all moving averages, the lowest to 4552 US dollars / ton, and finally closed at 4558.
5 US dollars / ton, down 117.
5 US dollars / ton
from the previous closing price.
China is the world's
largest consumer of copper.
Analysts said metal prices fell
ahead of Chinese trade data.
China's manufacturing momentum has not increased, so demand has not increased, and copper prices have no reason to rise
.
In addition, a weaker dollar limited the decline in copper prices
.
The Wall Street Journal dollar index was last at 86.
03, down 0.
33%.
The dollar hovered near four-week lows against a basket of major currencies after Fed Chair Janet Yellen gave no fresh hints about the timing of a rate hike in her speech on Monday
.
London copper overnight was overnight as funds reversed bets on rising prices, while LME inventories jumped 21% in two days, and are expected to rebound today during a period of strong crude oil and dollar volatility, and are expected to run in a range of $4565/mt to $4615/mt
today.
