Brief review of Shanghai copper on July 20

In terms of news, yesterday the National Development and Reform Commission said that it will continue to work with relevant departments to strengthen the monitoring and forecasting of commodity prices, and organize subsequent batches of copper, aluminum, zinc and other national reserves
.
Copper reserves were put on the agenda again, and copper fell under pressure at night
.
At the same time, after the OPEC+ alliance agreed to increase crude oil supply, as the resurgence of the epidemic shakes investors' confidence in the global economic recovery, raising concerns about oil oversupply, U.
S.
oil and crude oil respectively updated their lows since late May, which also bearish copper prices
.

Due to the rapid spread of the new coronavirus delta variant in recent days, the surge in the number of infections in the United States and Europe has brought market worries, panic has stimulated the flow of funds into safe-haven varieties, and the European and American markets and commodity markets have fallen to varying degrees, driving the copper market down
.
The increase in the number of reserves sold in the second round of the National Reserve Bank has also suppressed the price, and the current Shanghai copper is still in the shock cycle, and it is expected to rebound slightly within the day to stabilize, and the recent sharp upward momentum is limited, paying attention to the main force around 6.
8-70,000
.