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Today's Shanghai copper weak downward bottom, as of the close Shanghai copper main 2110 contract closed at 69070, down 310, or 0.
45%.
The outflow of electric copper in the domestic bonded zone, the increase in the price spread of copper in the superimposed period, stimulated the increase in spot copper market traders, slightly weakened in the morning, and further accelerated the decline after midday
.
At present, the effect of the industrial peak season on the fundamentals has not yet fully exerted, and the possibility of copper price fluctuations has increased under the stable news surface, it is recommended to pay attention to the first-line shock of Shanghai copper 6.
85-70,000, the first-line support of London copper $9300, and there may be a possibility of bottoming out at night
.
Operationally, it is recommended to stock up on the sidelines, and wait for the price to stabilize before entering
the market appropriately.
On the macro front, global central banks will continue to maintain their current ultra-loose monetary and fiscal policies in the short term, but the recent strengthening of the Fed's taper expectations has led to a sharp strengthening of the US dollar, which is not very favorable
for the overall non-ferrous metals sector, including copper.
In terms of fundamentals, the current TC price continues to rise, coupled with the rumors of domestic storage dumping, so the supply side has a more negative impact on copper prices, while on the demand side, copper varieties have not been accumulated immediately after entering the off-season, and the future market needs to continue to pay attention to the emergence
of inventory inflection points.
