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This week, London copper around the $5,500 first-line shock market round number, finally in the oil price rise, copper inventory decline and short cover and other multiple positive support, broke out, overnight London copper intraday high hit a one-week high of $5627, but copper market confidence is still insufficient, copper prices finally failed to hold the gains, return to around
$5500.
The supply of copper is abundant, today's holders' quotations are slightly loosened compared with previous trading days, speculators are underpricing to absorb a small number of sources to deliver long orders, and downstream demand is the mainstay, and there is no improvement
.
In the short term, the copper market is intertwined with long and short, and relatively speaking, the bearish factors slightly prevail, short-term copper prices do not have the momentum of trend upward movement, and shock will still be the main keynote
.
Of course, copper prices are still at a low level, and most of the recycled copper holders have a strong asking price in the case of a shortage of supplies, but copper manufacturers still purchase more on demand and have less
transaction volume in the case of weakened demand in the off-season.
