According to the data of China Futures Market, in the 65,438+05 minutes up to 9: 65,438+05 last night, 22,426 lots of copper contracts were traded in Shanghai Night Market, which led to an increase in trading volume and stimulated the copper pullback of London Metal Exchange and the New York Mercantile Exchange.
Affected by this, the copper price in new york rose continuously 13, continuing the longest upward trend for more than a year.
Copper futures for March delivery rose 0.6% to close at $3.2385/lb; Once hit the highest price of $3.243 since June 17.
Tai Wong, head of basic metals and precious metals trading at BMO Capital Markets, said in an email that strong buying in Shanghai at night pushed up copper prices. Traders are reluctant to sell before the Christmas holiday, "especially when the market is not sure why it will rise."
Copper price, widely regarded as a barometer of global economy, rose by 29% in 20 17, which is expected to be the biggest annual increase since 20 10, and it is one of the best-performing commodities.
Copper prices received an extra boost from two central banks last week, and both the Federal Reserve and the European Central Bank raised their economic growth forecasts for next year.