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Today, the main force of Shanghai copper fluctuated to the upside
.
At the end of the day, the main 2209 contract of Shanghai copper closed at 63420, up 600, or 0.
96%.
Overnight, the U.
S.
markit manufacturing PMI and services PMI both fell to two-year lows, with new home sales falling 12.
6% m/m in July to a six-year low
.
Dragged down by poor economic data from the United States, the dollar index quickly retreated from above 109, but has now stabilized
above 108.
5.
Shanghai copper short-term was affected by slowdown in interest rate hike expectations, but recession expectations were bearish to limit its upside
.
Watch for this week's annual central bank meeting, where Powell is expected to remain hawkish
.
Domestic short-term is expected to remain dominated by strong fundamentals and favorable policy resonance support
.
On the plate, the center of gravity of Shanghai copper running rose during the day and oscillated
at a high above 63000.
In terms of operation, it is recommended that cargo companies gradually take profit at the high and wait for the direction of copper prices to be clear after the landing of
Friday's meeting.
