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Today's Shanghai copper opened slightly lower, weak operation after the opening, the main month 1605 contract opened 37700 down 70 yuan, 9:35 Shanghai copper 05 contract quotation 37400 down 370 yuan, the market is still continuing to digest China's seemingly good economic data, of which industrial production data is very weak, and the first two months of this year also hit the lowest level since the global financial crisis, rekindling the market's concerns about China's metal demand, dragging down metal price trends, is expected to be weak consolidation of Shanghai copper today
。
In the international market, the OPEC report released last night was a big disappointment, not only lowered this year's oil demand forecast, but also non-OPEC oil producer supply is more resilient to low oil prices, or exacerbated the oil market surplus, affected by this, oil prices fell nearly 3%, but also implicated the trend of base metals, in addition to the strength of the dollar also put pressure on copper prices, overnight London copper rushed back to close at $4,955 per ton, up $6 from the previous session
.
In terms of the market, the trading price of Yangtze River spot 1# copper yesterday was 37560-37580 yuan / ton, up 510 yuan / ton from the previous transaction; Shanghai spot 1# electrolytic copper reported 37220-37720 yuan / ton, up 400 yuan / ton
from the previous trading day.
Yesterday's spot copper prices continued to be firm, the current copper discount turned into a premium, some middlemen took advantage of the dip, the downstream entered the market late, and the overall transaction performance of the market was not good
.
Overall, the market is still digesting China's seemingly good economic data, yesterday's Shanghai copper rose slightly, still in the correction stage, and the upper moving average pressure is still strong, the lower support is also facing a test, it is expected that short-term copper prices still have the possibility of pullback, operational recommendations for the time being
.