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    Home > Chemicals Industry > New Chemical Materials > China's demand is expected to improve, and the trend of Shanghai copper is volatile and stable

    China's demand is expected to improve, and the trend of Shanghai copper is volatile and stable

    • Last Update: 2022-11-29
    • Source: Internet
    • Author: User
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    Today's Shanghai copper main contract 1605 oscillation stabilized, the end of the close rose to 37,000 yuan / ton, slightly up 0.
    16% from yesterday's closing price, the current Shanghai copper effectively stabilized above the moving average group, yesterday's upward breakthrough was further confirmed
    .

    Shanghai copper

    Externally: Asian market London copper oscillation slightly rose, of which Shanghai copper closed 3-month LME copper rose 0.
    1% to 4814 US dollars / ton, hitting a new high since November 12 last year, effectively stabilizing above the moving average group, but copper prices rose for nearly a week, short-term attention to retraction confirmation, below support focus on 4700 US dollars / ton
    .

    Macro: China's Caixin services PMI came in at 51.
    2 in February, down from 52.
    4 in the previous month, but the previous fiscal manufacturing PMI (which fell to 48) for February showed that the domestic economic adjustment continued
    .
    In addition, the Asian dollar index stabilized above 98.
    2 as overnight U.
    S.
    February ADP data was stronger-than-expected, signaling an upturn in U.
    S.
    non-farm payrolls for February released on Friday, raising expectations
    for a Fed rate hike in March.

    Market: Due to the early arbitrage cover, the current copper discount is firm and narrowed slightly
    .
    However, the strong discount has also dampened buying among traders, and high copper prices have further discouraged downstream purchasing interest
    .
    The overall trading volume of the market fell significantly
    from Wednesday.
    A small number of transactions are also limited to traders to smooth out the cost of
    holding goods.

    Today's Shanghai copper 1605 contract climbed strongly to 37,000 yuan / ton, further confirming the upward breakout, indicating that the short-term long and short glue is dominated
    by bulls winning.
    Short-term copper prices still have room to rise, it is recommended that the Shanghai copper 1605 contract can still be backed by 36300 yuan / ton above the dip and long, the upper resistance focus on 37500 yuan / ton
    .

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