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May 31 London Morning Review

 Last Update: 2022-12-02
 Source: Internet
 Author: User

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Yesterday's LME market was closed, this morning London copper opened slightly lower, now trading around 4670 US dollars / ton, still running at the intersection of moving averages, short-term operating range focus on 4600-4850 US dollars / ton
.
In terms of positions, on May 26, the position of London copper was 338,000 lots, an increase of 1,040 lots from the 25th, and last week Lun copper reduced its position and rose, indicating that the rise in copper prices was mainly boosted by short covering, and the confidence of bulls to do long is still insufficient
.

London copper

Stocks: As of May 27, LME copper stocks were at 153,750 tonnes, down 1,975 tonnes or 1.
3% weekly, marking the third consecutive week of declines and falling back to the level of
a month ago.
Industry news: Chile produced 432277 tonnes of copper in April, down 8.
2% year-on-year, as some mines were hit by heavy rainfall and ore grades fell
.

Yesterday due to the spring bank holiday LME closed, today by the recovery of crude oil, the weakening of the US dollar or a low recovery, running in the range of 4650 US dollars / ton to 4690 US dollars / ton
.

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