The Market Was Cautiously &Nbsp Before The EU Summit; Lun Copper Fell To $7525 On Tuesday.

Beijing time October 26th evening news, Tuesday, media reported that the German side of the proposed euro area.

The London Metal Exchange's three month benchmark copper contract closed at $7525 a tonne on Tuesday, closing at $7635 per ton on Monday.

Earlier this month, the contract rose to a 1 month high of $7820 a tonne in the market's optimistic expectations for the EU summit.

EU leaders are scheduled to hold a second round of summit on Wednesday to discuss the Greek debt reduction plan, European bank capital supplement and the expansion of eurozone aid fund projects and provide additional guarantees for European sovereign debt.

However, on Tuesday, media reports said Germany opposed the part of the European Union Central Bank's continued implementation of unconventional measures in the draft proposed by the summit.

Analysts said that this refers to the European Central Bank through the two tier market, including Italy and Spain, including a number of debt problems plagued by euro zone government bonds.

Another report said that due to the fact that the details of the proposed problems were not yet perfect, the EU finance ministers' meeting, which was scheduled for Wednesday, has been cancelled.

However, the report also pointed out that the summit of leaders of the European Union and euro zone countries will be held on Wednesday.

VTB capital analyst Andrew Klichenkov (Andrey Kryuchankov) pointed out that "there still seems to be no final solution, and there will be no complete plan on Wednesday.

We will see leaders talk over and over again, repeatedly promise to be united and so on and so forth, but what we want is an effective long-term plan.

On the other hand, German legislators have successfully passed legislation requiring any future eurozone debt crisis negotiations to be fully delegated by parliament, which will inevitably lead to a slower response to debt problems and a further uncertainty in the future.

MF global analyst Ed Meyer Meir believes that "a series of trends have made the market more or less discounted for the expectations of euro zone debt stabilization program tomorrow, which has also prompted investors to pay more attention to sustained macro development." (Ed)

Ed Meyer pointed out that in this respect, the performance of economic indicators is mixed. "The US macro data show that the recovery is quite strong, but the situation in Europe is more serious.

China's growth readings are still quite strong, but there are a lot of corresponding concerns. "

US data showed that in October, the consumer confidence index fell unexpectedly to its lowest level in two and a half years. The Richmond fed comprehensive manufacturing index was almost flat in October.

In Europe, the situation is relatively low. Spain's short-term borrowing costs soared to its highest level since 2008. Chinese Premier Wen Jiabao said that although the situation of small businesses and export sectors is not ideal, the government will continue to work hard to combat inflationary pressures.

In terms of inventory, the London Metal Exchange copper store, which is regarded as a market demand index, has dropped by 5125 tons in recent years. The total volume is 439150 tons, the lowest level since the beginning of April, and the number of warrants cancelled during the same period has reached the highest value in two and a half years.

BlackRock, the world's largest monetary fund manager, reported on Tuesday that a sharp drop in China's copper inventories may have concealed the strong demand performance of the largest consumer of basic metals.

The price of major metals is 1842 dollars per ton of metal, 1876 dollars per ton on Monday, 22250 dollars per ton on Monday, 22500 dollars per ton on Monday, 1961 US dollars per ton, 1961 dollars per ton Monday, 2019 dollars per ton on Monday, 2224 dollars per ton in three months, 2218 dollars per ton on Monday, and nickel at $1 per ton per month.