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Copper market morning comment: Shanghai copper lowest touched 49580 on Monday, the long middle and black line closed, the evening rebound under pressure 51000 line, into a downward trend
.
At present, the pace of Shanghai copper retreat is not smooth, but the rebound is limited, and it is expected that the intraday weakness is expected to continue to probe further, focusing on the 50300-50500 band back performance
.
In terms of stocks, copper stocks in the previous period increased by 1,829 tons to 159513 tons
from last week.
As of August 10, the inventory of electrolytic copper in Guangdong warehouses was 60,364 tons, up 6,917 tons from last Friday, a new high since April 20, and a new record high in the same period
.
The Chilean Copper Council predicts that global copper production will decline by 3%
in 2020.
Production will resume
in 2021.
Overnight, Lun copper rose sharply to close Changyang, basically flat at $6399 today
.
Shanghai copper opened sharply higher overnight, closing at 51000 under pressure and closing at 50740
.
Shanghai copper trading positions fell simultaneously, after the big fall market views are biased to neutral, Shanghai copper technical form is not good, may fluctuate
around 50,000 points.
The future market is vigilant against the epidemic in the United States and the development of Sino-US relations, and the medium and long-term uncertainty is high
.
Shanghai copper upper pressure 51500, lower support 48000
.
