Copper futures on the London Metal Exchange (LME) soared 870 U.S. dollars, an increase of 11.4%, which was a larger one-day gain. The three-month copper futures returned above 8400 U.S. dollars and closed at 8,460 U.S. dollars. Shanghai Copper was closed daily on the daily limit on Tuesday. The August contract closed at 73,850 yuan, up 3,200 yuan per ton. Volume is only 32 hands. Shanghai Aluminum’s August contract closed at 22060, up by 500 yuan.
UBS said in the report that copper demand is still strong, global growth is still strong, and supply is slow, and supply conditions appear disappointing due to production disruptions and strikes. LME copper stocks were reduced by 175 tons to 107,150 tons; aluminum stocks increased by 2,225 tons to 773,200 tons.
The recent volatility of the copper market is hard to believe and highly speculative. From a technical point of view, it is still in a bull market. It is expected that the market will focus on the trend of wide fluctuations. It is advisable to watch on the operation.
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