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Overnight, London copper opened at 6417.
5 US dollars / ton, after the opening of London copper is extended to the daily moving average shock upward, and then stabilized around the daily average of 6425 US dollars / ton, as China announced that the profit growth rate of industrial enterprises above designated size in August was 24% year-on-year, 7.
5 percentage points faster than in July, bears heard the rumors and left the market, London copper twice pulled up to a high of 6475 US dollars / ton, and then the upward momentum weakened, the bulls took profits at the high level, and the center of gravity of London copper moved down, In the evening, as the dollar rebounded to a high of 93.
607, copper prices continued to fall, touching as low as $6413.
5 / ton, giving up almost all the gains during the day, the Republican Party announced the tax reform framework, planning to reduce the corporate tax rate to 20%, the dollar was exhausted after the pullback, London copper ended the day upturned, closing at 6445.
5 US dollars / ton, up 12.
5 US dollars / ton, up 0.
19%, overnight London copper first rose and then suppressed, trapped in the moving average shock consolidation, is expected to maintain a narrow range today, the operating range of 6400 US dollars / Tons - 6500 dollars / ton
.
In terms of the market, as of September 27, the spot price of London copper was 6426 US dollars / ton, which was 47 US dollars / ton higher than the March contract; The actual ratio of Shanghai copper spot to London copper spot was 7.
81 (import ratio was 7.
84), and the import profit was 186 yuan / ton; The actual ratio of the Shanghai copper 3 contract to the London copper March contract was 7.
85 (the import ratio was 7.
84), and the import profit was 72 yuan / ton
.
London copper futures edged higher on Thursday as strong profits from Chinese industrial companies eased concerns about slower economic growth and lower copper demand, supporting copper prices; But copper prices were limited
at the end of the third quarter and until China closed next week for the National Day holiday.
Three-month copper on the London Metal Exchange rose 0.
1 to $
6,443.
5 a tonne.
Copper prices have been lower
for six days over the past seven days.