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Today's Shanghai copper 1604 contract oscillated widely, operating in a range of 36570-35660 yuan / ton, and closed at 35840 yuan / ton at the end of the day, unchanged
from Friday's closing price.
At present, Shanghai copper still continues to oscillate in the range, and its performance is slightly weaker than that of London copper
.
Externally: Asian London copper around 4680 US dollars / ton around the weak oscillation, of which Shanghai copper closed 3 months LME copper fell 0.
66% to 4660 US dollars / ton, but the current London copper running below the moving average group, the technical pattern is strong
.
On the macro front: The US dollar index climbed strongly to 98.
1 as the US GDP revised quarterly rate rose 1.
0
% annualized in the fourth quarter of last year, better than expected by 0.
4% and 0.
7% in the previous month, increasing the likelihood of a Fed rate hike in March.
In today's Asian market, the US dollar index fell slightly under pressure, but basically maintained last Friday's gains, now trading around 97.
8, while the Shanghai Composite Index did not stop falling, which put some pressure
on base metals.
In terms of market: today's Shanghai electrolytic copper spot contract discount of 180 yuan / ton - discount 120 yuan / ton, flat water copper trading price of 35640-35820 yuan / ton
.
Today is the last trading day of February, the market activity is low, the overall transaction is concentrated among traders, and there is little downstream entry
.
Near the midday copper dive, the number of spot price points increased, and holders continued to sell
at high prices.
The source of circulating goods in the market is slightly reduced compared with last week, and the downstream is not eager to enter the market for procurement, and the characteristics at the end of the month are obvious
.
Today's Shanghai copper 1604 contract oscillation fell to 35840 yuan / ton, copper prices continue to run at the interweaving of moving averages, short-term copper prices run repeatedly, because there are more uncertainties in the internal and external macro surfaces, disrupting long confidence
.
However, entering the European market, London copper oscillation strengthened, recovering most of the losses, indicating that its willingness to fall is weak
.
Operationally, it is recommended that the Shanghai copper 1604 contract can still be backed above 35600 yuan / ton, and continue to hold cautiously
.
