Will copper prices fall or rise in August?
Today's market comments This week, copper prices made a breakthrough rise, breaking through the shock range in August. On Monday, the London market was closed due to the summer bank holiday, and Shanghai copper opened higher and higher, and copper prices broke through in one fell swoop. On Tuesday, Shanghai Copper made a slight adjustment, and on Wednesday, it continued to attack due to the favorable rebound of China's official purchasing managers' index in August. That night, Luntong followed Shanghai Copper's surge and broke through the August shock range, setting a new high since April. Last Friday, the main contract of Shanghai Copper, CU 10 12, closed at 59,900, up 2,070 points from last Friday's closing price, holding194,406 lots, an increase of about 35,000 lots. In the whole week, Shanghai Copper traded 6,543,832 lots, a decrease of 43.65 million lots compared with the previous week, and held 346,000 lots, a decrease of 5,784 lots. This week, the copper inventory of Shanghai Futures Exchange decreased by 4,665 tons to 1059 17 tons. In March, LME copper price closed at $7,692 per week, rising by $247 per week.