Shanghai copper noon review on September 9

Due to the release of the US non-farm payrolls data less than expected and Powell's optimistic remarks on the US economy, the dollar fell first and then rose, and copper prices were affected and fell
back.
At present, the performance of US employment and manufacturing is worrying, and the market still has big expectations
for a September interest rate cut.
The situation in China and the United States remains uncertain, and safe-haven assets are preferred
.
The European economy is weighed down by the downturn in German manufacturing, the risk of a no-deal Brexit, and the eurozone is at risk
of recession.
The overall macro weakening makes copper prices continue to rush up to the high level is still weak, currently supported by the domestic central bank RRR reduction support real economy superimposed gold nine silver ten consumption expectations, copper price bottom support is still strong, the current copper price is at a high point in nearly one month, is expected to continue to maintain high volatility
.
Shanghai copper is currently standing above all moving averages, and the moving averages form a golden cross, and the technology faces Shanghai copper with slight support
.

In terms of spot, due to the need to consider the Mid-Autumn Festival holiday reserve this week, the overall trading is expected to be active, and the willingness of holders to hold prices will continue
.
It is expected that Shanghai copper will be 47200-47600 yuan / ton, and the spot premium will be 90-130 yuan / ton
.