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Overnight, London copper continued to fall, falling below the 60-day moving average
.
Open at 6812 US dollars / ton, the Asian session maintained stability at 6830 US dollars / ton, the subsequent bears continued to increase positions, two consecutive waves of straight decline to hit copper prices around 6750 US dollars / ton, the low of the day was 6737 US dollars / ton, and finally closed at 6749.
5 US dollars / ton, down 55.
5, the transaction increased by 717 to 20023, and the position increased by 1739 to 321,000 lots
.
In terms of the market, as of November 29, the spot price of London copper was $6,800/ton, a discount of $28.
75/ton over the March contract; The actual ratio of Shanghai copper spot to London copper spot was 7.
82 (import ratio was 7.
82), and the import loss was 36 yuan / ton; The actual ratio of the Shanghai copper 3 contract to the London copper March contract was 7.
81 (import ratio was 7.
82), and the import loss was 98 yuan / ton
.
In terms of news, due to the strengthening of the US dollar, superimposed on the market's concerns about the slowdown in China's demand, the metal market is generally under pressure to show that the overall bearish, the overall decline is large, the night London copper display continues to fall back below the support of $6800, it has been three consecutive declines, the bottom seems to be not over for the time being, the market believes that the fall is last week's rise adjustment, the technical situation is more bearish signal, it is expected that London copper will maintain a weak shock in the short term, and the possibility of rushing higher in the later period is greater, but the increase is limited
.
