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Overnight, London copper opened at 6845 US dollars / ton, the initial test of the low 6826 US dollars / ton, the overall along the 6840 US dollars / ton line of oscillation
.
Then the price rose back to the $6875/ton line, with an amplitude of about $10, and the amplitude expanded
slightly in the afternoon.
After entering European time, copper prices climbed sharply, touching 6940 US dollars / ton and then giving up the rise slightly down, finishing at 6910 US dollars / ton line
.
Subsequently, London copper fluctuated downward, tested down at 6826 US dollars / ton and then rebounded, running along the 6875 US dollars / ton line of oscillation, as high as 6940 US dollars / ton, as low as 6831.
5 US dollars / ton
.
In the evening, Sino-US trade war friction resumed, copper prices fell again, tested down 6817 US dollars / ton after the decline slowed, closed at 6827 US dollars / ton, down 31 US dollars / ton
.
Overnight, the White House announced that it will impose 25% tariffs on China-related $50 billion of goods, coupled with Italy's withdrawal from the euro area dragged down the European stock market, the market macro is full of uncertainty again, the current domestic spot performance is average, the destocking is weakened, the contradiction between supply and demand is not prominent, will follow macro fluctuations, short-term copper prices will still fluctuate
.
LME base metals mostly rose, as China's steel prices boosted, although the dollar index is still strong, London copper fell slightly overnight but the decline was limited, the closure of Indian copper mills did not cause copper prices to fluctuate sharply, scrap copper support is solid, fundamentals are generally stable, it is expected that London copper will continue to fluctuate today
.
