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Today's Shanghai copper narrow range volatility, the end of the day closed Shanghai copper main 2203 contract closed at 70450, down 130, or 0.
18%.
On the macro front, Fed officials recently released dovish signals, but the head of the European Central Bank also said that there is no need to tighten monetary policy in big strides, the dollar index held steady, and market risk sentiment increased; However, US inflation data is about to be released, and fears of rising inflation have increased
.
In terms of fundamentals, the supply of upstream copper ore showed a growth trend, the supply of copper ore improved compared with the previous period, and the supply of raw materials for smelters was basically sufficient; At present, refinery scheduling enthusiasm is high, and refined copper production is expected to remain high
.
Downstream processing enterprises will gradually resume production, and recent inventories will show a net storage state, but with the improvement of transportation after the holiday, the speed of resource arrival will accelerate, and there is resistance
above copper prices.
Overnight Shanghai copper low bottom after a slight rebound within the day, the overall still maintain a small range shock market, the market after the holiday to wait and see the release of the first round of orders after the domestic holiday, but the global economic recovery pattern is not good, the market wait-and-see sentiment strongly promotes the price into the finishing range, the current global copper inventory is still at a low level, the first round of price release after the holiday is still partially possible, it is expected that Shanghai copper will maintain a range market within the day, pay attention to around 7.
1-70,000, and wait for the follow-up sorting out within the week to find direction
.