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Overnight, the main 1806 contract of Shanghai copper opened at 51580 yuan / ton, and the bottom of the market recovered, as low as 51430 yuan / ton, touching 51680 yuan / ton after insufficient upward momentum, along the 51575 yuan / ton first-line oscillation operation
.
As high as 51650 yuan / ton, as low as 51480 yuan / ton, the amplitude gradually narrows
.
The end of the day slowly moved down, closing at 51,540 yuan / ton, up 140 yuan / ton, and the position decreased by 2,130 lots to 225,000 lots
.
U.
S.
sanctions fears faded, and copper prices returned to calm
.
The strong euro brings uncertainty to economic growth, and the European Central Bank needs to continue to maintain loose monetary policy, so the probability of this week's ECB interest rate meeting is more dovish, coupled with the continued strong performance of the US economy, further boosting the Fed's expectation of interest rate hikes, so the dollar is expected to remain strong and the impact on copper prices is bearish
.
However, the supply of copper ore is tight, and low processing fees provide support for copper prices, so it is expected that copper prices will fluctuate, and new orders will wait and see
.
On Friday, the dollar index returned to the 90 mark, accelerating the dissipation of
market sentiment.
The overall copper market showed a volatile trend overnight, and the activity was poor
.
London copper is still above all moving averages, above the 7,000 US dollars / ton rectification threshold pressure is obvious, it is difficult to break through, Shanghai copper main 1806 contract closed the previous day's decline, hanging above the 40-day moving average, the position is
decreasing.
It is expected that today's London copper 6950~7000 US dollars / ton, Shanghai copper main 1806 contract 51300 ~ 51800 yuan / ton
.
