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    Home > Chemicals Industry > New Chemical Materials > Short-term technical pattern is bearish Shanghai copper or continue to be weak

    Short-term technical pattern is bearish Shanghai copper or continue to be weak

    • Last Update: 2022-12-12
    • Source: Internet
    • Author: User
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    Market review, most of the base metals on Monday oscillated and rebounded, of which the Shanghai nickel 1811 contract rose ahead, up 1.
    49%, while Shanghai aluminum fell under pressure, the 1810 contract fell slightly by 0.
    03%, Shanghai copper oscillated rebound, the main contract traded at 48380-47770 yuan / ton within 1810 days, and closed at 48250 yuan / ton at the end, up 0.
    per day.
    In the external market, as of 15:30 Beijing time, the three-month London copper was reported at 5991 US dollars / ton, up slightly by 0.
    96% on the day, the third consecutive day of gains
    However, at present, copper prices are still running at the intersection of moving averages, and the risk of decline remains

    Shanghai copper

    In terms of spot, on August 20, Shanghai electrolytic copper spot reported a premium of 200 yuan / ton - 260 yuan / ton for the monthly contract, and the trading price of flat water copper was 48380-48560 yuan / ton
    。 Shanghai copper returned to above 48,000 yuan / ton, the weekend came to the market supply did not increase, inventory is still in a tight state, spot rise to raise the price is the willingness of the holder, but because of the proportion of good copper, so the quotation is firm, but traders appear high hesitation, the second trading session, supply and demand stalemate pattern, because of the lack of confidence in whether the market can continue to recover, and whether the subsequent imported copper continues to clear the market, is not completely certain
    Whether the premium can continue to be high and further promoted needs to pay attention to the subsequent arrival of imported copper and downstream consumption attitude

    On the news, the Asian dollar index oscillated slightly, now trading around 96.
    2, and this week the market focused on the Sino-US trade talks that will take place on Tuesday and Wednesday, and there are optimistic expectations
    in the market.
    In terms of industry, it is reported that the union representing workers at the Escondida copper mine in Chile, the world's largest copper mine, signed a new collective labor contract on Friday, lifting the risk of a strike that could paralyze the mine

    Overall, intraday copper oscillations rose slightly, mainly boosted by the dollar's retreat from its high and optimistic expectations for Sino-US trade negotiations, but the short-term technical pattern was bearish and the downward trend continued
    Operationally, it is recommended that the Shanghai copper 1810 contract can be backed by 48800 yuan below the sky, and the entry reference is around 48400 yuan, and the target is 47800 yuan / ton

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