Published: Dec 4, 2023 17:00
"The temporary ceasefire agreement in the Middle East has collapsed, further deteriorating the situation in the region. There is an increase in market risk aversion sentiment, with gold breaking through the historical high of the past three years to $2146.7 per ounce during intraday trading. London copper opened high and then retraced its gains. It initially rose to $8605.5 per ton, then fell to $8536.5 per ton. In the afternoon, it briefly rose to $8562.5 per ton before falling back, and dropped below $8500 per ton in the Asian trading session. Shanghai copper closed with a long upper shadow, sitting above the upper Bollinger band, with ample space below the support level. On the fundamental side, although the operating rate of copper rod companies increased last week, they are still in a period of weak consumption. Attention should be paid to changes in downstream demand under the current situation of rising copper prices and high premiums. Tonight, watch the Eurozone Sentix investor confidence index for December. London copper is trying to hold steady at $8500 per ton, while Shanghai copper is attempting to hold the line at 68500 yuan per ton."

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