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Shanghai copper rebounded slightly during the day yesterday, fell back in overnight trading, the main contract closed at 49110, London copper continued to fluctuate at a high level, and the March contract closed at 6207
.
Since the beginning of the year, under the favorable reduction of the RRR, the market atmosphere has been positive, and copper prices
have been slightly boosted during the day.
The joint production reduction event a few years ago lagged behind for a while, and copper fundamentals were flat
.
From the perspective of inventory, LME refined copper stocks continued to decline, but the domestic social treasury accumulated slightly, and the Spring Festival approached the inventory inflection point, which had a certain suppressive effect
on copper prices in the short term.
After the release of the upward momentum, short-term copper prices or continue to shock sorting, medium-term demand improvement and potential supply disturbances, copper fundamentals are still good, prices still have room to rise, the operation of short-term more cautious holding, pay attention to the 49000 first-line support
.
Shanghai copper main force moved for the month, Shanghai copper morning volatility, and in the afternoon by the geopolitical and market confidence recession quickly pulled, among which on the news and according to foreign news on the 3rd, Iraq Baghdad airport was attacked, at least 8 deaths
.
The U.
S.
Department of Defense acknowledged that U.
S.
President Trump personally ordered the U.
S.
military to kill Iranian commanders, the Iranian president said that he would retaliate, and Turkey also passed a bill to send troops to Libya, and non-ferrous metals were under pressure
as a whole.
In the short term, the market confidence is not good after the unsuccessful impact of Shanghai copper 50,000, but the overall recovery of the global manufacturing industry in December stabilized, and it is unlikely that Shanghai copper will fall deep again, and it is expected that the short-term weakness will be the main
one.
