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Last Friday's night market London copper fell under pressure, including 3-month London copper closed down 0.
73% to $4630 / ton, the first decline in five trading days, but has not effectively shaken off the shock finishing platform
in more than two weeks.
In terms of positions, on September 8, the position of London copper was 332,000 lots, an increase of 842 lots from the 7th, and the position was still at a low level, indicating that the momentum of bulls buying the dip is still obviously insufficient
.
Industry: As of the week of September 6 this year, the US copper CFTC speculative long increase of 10649, the short increase of 19001 lots, the speculative net position of 30225 lots, the net space increased by 8352 lots from the previous week, the fifth consecutive week of short positions, indicating that short-term speculative funds have further climbed their bearish enthusiasm for copper prices
.
Stocks: As of September 9, LME copper stocks were reported at 350,600 tonnes, up 32,100 tonnes or 10% from Friday, well above the year's average of 200,000 tonnes, which hit a year-high
level.
Most industrial metals on the London Metal Exchange (LME) slipped in quiet trading on Friday, dragged down by a stronger dollar and lower oil prices, and investors worried about the outlook
for the European economy after Germany reported a sharp drop in exports.
The dollar index climbed, driven by speeches by policymakers at the Federal Reserve, which made dollar-denominated goods more expensive for buyers outside the United States
.
Analysts say China's economy has been stabilizing, but investors are worried about another slowdown in manufacturing in the U.
S.
and Europe, and everyone is waiting for more clues to guide the market next week, with China due to release multiple economic data
next week.
At 16:00 London time on September 9 (00:00 Beijing time on September 10), the LME three-month copper closed 0.
7% at $4,633, hitting a two-week high of $
4,688.
50 on Wednesday.