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On Monday, London copper rushed back down again, of which 3-month London copper continued to fall 0.
03% to 4674 US dollars / ton, the daily closing price returned to the level of a month ago, and now London copper fell back below the moving average group, short-term decline risk increased
.
In terms of positions, on October 14, the position of London copper was 327,000 lots, a daily decrease of 773 lots, indicating that after the copper price declined, the divergence between long and short increased, but the bears currently have the advantage
.
Barclays analysts said copper was hit by a double whammy
by a rising dollar and weak trade data from China.
It believes that its trade data is particularly worrisome
given that doubts about the sustainability of China's economic growth remain.
Copper continued to rely on Chinese data
this cycle.
On Wednesday, China will release blockbuster data such as GDP in the third quarter, industrial added value above designated size in September, retail sales and urban fixed asset investment, and the quality of China's economy will be tested
by the market again.
Industry: It is reported that Kazakhstan's refined copper production from January to September this year increased by 4.
3% year-on-year to 300843 tons
.
Stocks: As of October 17, LME copper stocks were reported at 345,800 tons, down 3,275 tons per day, but 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 closed flat on Monday, with oversupply concerns dragging aluminum down to a two-week low
.
At 16:00 London time on October 17 (00:00 Beijing time on October 18), three-month copper closed flat at $4,675 a tonne, close to a one-month low of $
4,623.
25 a tonne hit on Friday.
At present, the US index is still running at a high level, this morning Federal Reserve Vice Chairman Fisher said that low interest rates make Fed policy more difficult, need to take appropriate fiscal stimulus, it is expected that the dollar will have a further correction today, expected copper shock running at 4670-4705 US dollars / ton, today need to pay attention to the UK September CPI and the US September CPI, October NAHB housing market index
.
