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On Friday, the night market London copper extended the rebound, of which the 3-month London copper rose 0.
7% to 4992 US dollars / ton, the daily closing price hit the high since April 29 this year, last week London copper accumulated 3.
02%, two consecutive weeks
.
In terms of positions, on November 3, the position of London copper was 336,000 lots, an increase of 6,048 hands per day, and the increase in the position of London copper in the past two weeks has increased, indicating that the copper price rise has funds to advance, and the long and short divergence has increased
.
Industry information: As of the week of November 1 this year, the US copper CFTC speculative long reduced by 2266 lots, and the short fell sharply by 27318 lots, thus making the speculative net position from net short to net long 11298 lots, indicating that the enthusiasm of speculative funds to bullish copper prices has further increased
.
Stocks: As of November 4, LME copper stocks reported 305,000 tonnes, a sharp weekly decrease of 21,400 tonnes, a sharp decline for the second consecutive week, but still higher than the average inventory value of 217,000 tonnes during the year, and the high point of stocks during the year was 379175 tonnes
.
Copper prices have been strong this week, driven
by signals of increased demand in China and lower inventories.
Affected by the improvement of China's economic data, base metals generally rose
sharply.
China is the world's
largest consumer of copper.
Commerzbank said the market was optimistic
about positive economic data from China and the United States.
Tai Wong, head of base and precious metals trading at BMO Capital Markets, said LME copper write-off receipts had fallen by nearly 30 percent
since Oct.
25.
Falling inventories are often seen as a positive signal of demand, and whenever there is a similar decline in inventories, it will be good for copper prices
.
However, the write-off of warehouse receipt data does not mean that copper supply is reduced
.
Traders and analysts are cautious about the copper outlook due to high yields and a gloomy global manufacturing outlook
.
On Friday, London copper stepped up, the center of gravity continued to rise, above broke through the upper Bollinger band, recorded the highest value since July, the latest release of the US October LMCI, expectations are good, continue to support the Fed December interest rate hike expectations, but the US election clouds are shrouded, it is expected that the dollar may still be difficult to rise, London copper is expected to run in the range of 4950-5000 US dollars / ton
today.
