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Copper market afternoon commentary: U.
S.
retail sales data less than expected to suppress optimism, overnight London copper shock closed down $20, copper supply is still gradually recovering, China's refined copper production continues to grow, today's copper is now down
.
Overnight, London copper fell sharply to around $7,000 before rebounding to close the black candle at $7,075, and U.
S.
copper opened flat today
.
After the Shanghai copper daily plunge, the small black candle after the night bottoming out and rebounding, closed above the 5-day moving average at 52720, and the trading positions of Shanghai copper all fell
.
Supported by macroeconomic data, the technical form of Shanghai copper is still good, short-term Shanghai copper may fluctuate around 53500, and it is still possible to rise again in the medium term
.
Shanghai copper upper pressure 55000, lower support 51000
.
After the US election, the market revaluation around the post-epidemic era economic recovery, a number of heavyweight officials of the Federal Reserve hinted that easing policy will continue, coupled with the successful signing of the China-led Regional Comprehensive Economic Partnership RCEP, which is a major benefit to the regional and global economic recovery under the epidemic, financial market risk appetite with the election situation, political and economic policy expectations are further boosted, global asset prices, especially the high center of gravity of the stock market and commodities, but there is a short-term adjustment demand for asset prices after a rapid rebound , the reality of the traditional consumption off-season with colored fundamentals has been diluted by optimistic future economic growth expectations, and the medium line focuses on the guidance of monetary and fiscal stimulus policies and the dynamic supply and demand adjustment of commodities in the middle line.