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Overnight, London copper bottomed out, of which 3-month London copper slightly fell 0.
17% to 4905 US dollars / ton, up 0.
8% from the intraday low of 4866 US dollars / ton, and the daily closing price was close to the high since July 29 this year, further verifying the effectiveness of
the upward breakthrough of London copper.
In terms of positions, on November 2, the position of London copper was 327,000 lots, an increase of 5,529 hands per day, and the recent increase in copper positions upward, indicating that the copper price rise has funds to advance, and the long and short divergence has increased
.
Industry information: It is reported that China's copper traders end customers believe that copper demand is sluggish this year and may be worse in 2017, because the actual demand from end users has fallen by about 5-7%.
Stocks: As of November 2, LME copper stocks reported 319,000 tons, down 475 tons per day, still well above the average inventory value of 217,000 tons during the year, and the high point of stocks during the year was 379175 tons
.
London Metal Exchange (LME) copper futures rose for an eighth straight session on Wednesday, supported by Chinese economic data pointing to strong demand for industrial metals, which offset the adverse impact
of speculators locking in profits after this week's price rises.
At 17:00 London time on Nov.
2 (01:00 Beijing time on Nov.
3), three-month copper rose $1 to $4,920 a tonne, a daily low of $
4,866.
Copper prices hit their highest since Aug
.
2 at $4,922 on Tuesday.
Overnight London copper high pullback, many attempts to correct upwards were blocked to fall, the upper pressure on the upper Bollinger Road, it is expected that today's London copper operating range of 4870-4915 US dollars / ton
.
This morning's release of the Federal Reserve's November interest rate decision remained unchanged as expected, while the statement implied that the probability of a rate hike in December continued to increase, and the dollar returned after a slight shock, and today it is necessary to pay attention to China's October Caixin services PMI, the UK's weekly central bank interest rate decision and the US jobless claims last week, US durable goods orders for September, factory orders monthly rate
.
