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Today's Shanghai copper showed a trend of rushing back down, stabilizing slightly before the midday close, and the main 2110 contract of Shanghai copper closed at 68590 at the end of the day, down 680, or 0.
98%.
Fundamentally, continued low inventories provide strong support for copper prices, reflecting the recovery
of downstream demand.
There has been a succession of unfavorable news
on the supply side of overseas copper mines.
Most miners at Chile's Codelco's El Teniente copper mine rejected the new contract, and BHP's Chilean copper mine was met with an outcry
from nearby residents over the use of groundwater.
The basis of the spot end is still maintained at around 200 yuan per ton, which can basically achieve balance
.
Overnight, Shanghai copper hit the 70,000 mark and lost
.
The weak downside broke below the support level of 69,000 during the day
.
At present, the copper market is in a restorative rebound pattern, the pressure level of the 70,000 mark is more obvious, in combination with the domestic economic downward pressure in the second half of the year brought by the weak fundamentals and the Fed's expected tightening of the macroeconomic weakness, the sharp upward momentum is weak, around the 6.
8-70,000 line to do a wide range of shocks, night trading may stabilize and finish
.
In operation, the goods can be taken appropriately and sold to wait and see
.
