January 6 Shanghai copper morning review

In the first week of the new year, the financial market first rose and then fell, the first was optimistic in the Sino-US negotiations and the People's Bank of China comprehensive RRR reduction, and then there was the suppression of the deterioration and escalation of the situation in the Middle East, the current international geopolitical turmoil is still in the background, the more sensitive nerves of the financial market are tense again, strong cyclical assets such as bulk industrial products ushered in differentiation, the green fat red thin of the colored sector is particularly obvious, Shanghai copper futures have repeatedly attacked 50,000 unsuccessfully after falling back adjustment, and the subsequent rebound lacks further cooperation
.

Copper prices tumbled last week, with tensions in the Middle East tumbling
on Friday, in addition to giving up earlier gains expected of China's production cuts.
Iran's rare red flag of revenge in the holy city, the strengthening of US defenses, the impact on the economy is self-evident, the US PMI continued to decline in December, and the possibility of renewed weakness in the global economy is greatly increased
given the continued weakness in Europe and the Chinese New Year effect.
In the copper market, domestic inventories increased by 17,700 tons last week, and the Spring Festival holiday mode opened, and the pressure on the copper market increased
.
From a technical point of view, the copper market broke the 5-day moving average below, and the market was short
.