Copper market rebounded sharply

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After last week's international copper market fell to $3,800/ton last Friday, the fund's large buying activity drove up sharply and once rose to $4000/tonne, as LME inventories continued to shrink, supply was tight, and crude oil The price rebounded. Since then, London's three-month copper has fluctuated at a high level with a volatility range of 3,900 to 4,000 U.S. dollars per ton. Last Thursday, the market set a record high of 4,018 U.S. dollars per tonne and fell back under profit-taking pressure, closing at 3,950 U.S. dollars/ton. Compared with the previous period, it was up 112 dollars.
Shanghai Copper Market fluctuated at a high level as international copper prices climbed to a record high of 4,000 U.S. dollars per ton. The transaction was more cautious. The wait-and-see atmosphere was stronger and the market chasing high willingness was weaker. Copper prices soared and fell sharply under the influence of profit taking. Technical corrections. The main 0601 contract closed at 36,390 yuan/ton last Friday, up 160 yuan from the previous Friday's closing price. A total of 326,544 contracts were handed in each week for a total turnover of 60.704 billion yuan.
Last week, the international aluminum market also rose strongly with the support of fund buying and approached the US$2,000/ton mark. However, subsequent profit-making and producer selling caused the aluminum price to fall from a high point. London’s three-month aluminum closed at 1975 US$/t on Thursday, up by US$45 from the end of the previous period.
Shanghai Aluminum's trading activity was relatively active. Aluminum prices plunged and then fell, generally fluctuating within the range of 17,000 to 17,400 yuan/ton. The main 0601 contract closed at 17,150 yuan/ton last Friday, up 10 yuan from last Friday's closing price. In the week, the cumulative turnover of contracts was 103,424 lots, and the turnover was 8.955 billion yuan.
(Shanghai Stock Exchange)

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