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Overnight, the main 1705 contract of Shanghai copper opened at 47120 yuan / ton
.
At the beginning of the session, the short position copper price fell to a low of 46710 yuan / ton, and then with the external market pulling up, the short closed the position to avoid safety, Shanghai copper returned above the daily moving average, the high was 47210 yuan / ton, closed at 47170 yuan / ton, up 210 yuan / ton, and the position increased by 208 lots to 221542 lots
.
Overnight Shanghai copper bears dominated, short-term operation-based, domestic is still affected by the financial pressure near the end of the month, the upper 5, 60-day moving average adhesion is difficult to break through, is expected to run at 46850 ~ 47250 yuan / ton
today.
In terms of the market, today's Shanghai copper current month 1704 contract opened at 46950 yuan, up 120, 09:10, Shanghai copper 1704 contract was 46850 yuan, up 20 yuan
.
Chile's president of the Escondida copper mine announced that the negotiation process with the union has ended, workers may resume work as soon as Saturday, the world's largest copper mine supply concerns are expected to be eased, the positive side faded to weigh on copper market sentiment, Shanghai copper is expected to consolidate today, spot copper may rise or fall limited
.
Changjiang Nonferrous Metals Network subscription SMS phone: 0592-5668838
In terms of news, data released on Thursday (March 23) showed that new home sales in the United States jumped to a seven-month high in February, indicating that the recovery in the housing market continues to gather momentum despite rising house prices and tight supply
.
Meanwhile, jobless claims rose unexpectedly last week
.
However, the continued tightening of the labor market, coupled with a strong performance in the housing market, should support economic growth
.
In terms of inventory, Shanghai inventory is expected to decrease, the consumption season is not ideal, and spot stocks remain discounted
.
Although London inventories have decreased, spot discounts have expanded, indicating that there is high spot pressure outside the exchange, and it is expected that subsequent deliveries may be made to London warehouses
.
The short-term range is unchanged, maintaining the short-term short strategy of buying in the 46000-46500 area, closing positions around 47500, and rebounding to the 47500-48000 area
.
