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May 9 Shanghai copper brief commentary

 Last Update: 2022-12-24
 Source: Internet
 Author: User

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Today, the main force of Shanghai copper first rose and then suppressed
.
At the end of the day, the main 2206 contract of Shanghai copper closed at 71440, down 730, or 1.
01%.

Shanghai copper

On the macro front, copper prices continued to fall
due to the pressure of downward expectations of global economic growth and inflation concerns that are difficult to reverse.
In terms of supply and demand, the LME continued to accumulate storage, and due to the easing of the COVID-19 situation, China began to enter the destocking stage
.

The supply side has not changed significantly, and in the short term, it can be relatively optimistic waiting for the demand boost brought by the resumption of work and production
.
Technically, LME and SHFE copper prices have broken and entered a downward channel, and the market sentiment is bearish
.
Observe if the 71000 support works
.
In the short term, it is expected to remain in a weak shock pattern
.

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