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Today's Shanghai copper bottomed out and rebounded slightly, and the price momentum weakened after midday and fluctuated slightly, closing at 68260, down 0.
67%, down 460
.
Although the first round of reserve dumping was less than expected, it is likely that the reserve bank will sell reserves in the coming months with price adjustments to stabilize market sentiment
.
The Markit Manufacturing PMI and ISM Manufacturing PMI in June both fell short of expectations, suggesting that the US economic expansion period is gradually coming to an end
.
On the supply side, Peru's presidential election is nearing its end, and Castelo has a high probability of being elected as the new president
.
He announced that he would reshuffle the cabinet after his election, and he expected copper supply to come under pressure
.
On Friday, there will be data on durable goods orders and non-farm payrolls in the United States, and the market may remain in
a narrow range until the data is released.
Strategically, it is recommended to hold the currency for the time being, and sell high and sell low between 65,000 and 72,000 yuan per ton
.
At present, Shanghai copper is still in the off-season of demand, and the weak fundamental price is difficult to form a trend rebound, which is still mainly range-based, and there is more weak bottoming possibility
.
Shanghai copper pays attention to the support effect around 68,000, and operationally, there is a need to stock up near the 68,000 support level, and there is no need to wait
.
Shipments maintain normal, fast forward and fast out
.
