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Trade Service
The trade dispute between China and the United States during the Qingming Festival holiday has re-fermented, but the possibility of rapid deterioration in the short term is low, and Sino-US negotiations have begun
.
The current stage of the trade war has a low impact on non-ferrous metals, and the fundamentals of non-ferrous metals have not changed much
.
During the holiday, the market volume fell sharply, but the technical pattern was repaired, and the overall trend was good
.
In the medium term, maintain the previous view
that copper prices will fluctuate around the 50,000 key point.
Downside support 50000, upper pressure 20-day moving average 50860
.
In terms of news, US President Trump issued a statement saying that in consideration of unfair trade retaliation in China, he has ordered the US Trade Office to consider imposing additional tariffs on 100 billion US dollars of Chinese imports, but the United States still plans to negotiate
with China on trade.
China then responded that it must take new comprehensive measures, the Sino-US trade war has escalated again, and market panic remains strong
.
Overnight, the LME copper 3 contract closed at 6740.
50 yuan/ton, up $73.
5/ton
.
Trade war fears have eased and markets are hoping for a compromise through negotiations, but investors remain worried about slowing economic growth and demand for non-ferrous metals
.
From the perspective of the plate, overnight London copper shock rebound, the futures price stood on MA5, the overall rebound pattern, it is expected that the position is still repeated, or some profit short orders are closed
.
