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Shanghai copper fell today, closing at the end of the day Shanghai copper main 2105 contract closed at 65880, down 580, or 0.
87%.
At the beginning of the week, copper prices lacked effective guidance and operated
in a narrow range.
It is reported that on the 30th local time, the US Securities and Exchange Commission convened Wall Street to hold an emergency meeting on banks related to the explosion of hedge funds, and the market's concerns about potential default risks intensified, coupled with the uncertainty of the market's expectations for the implementation of Biden's 4 trillion infrastructure plan, U.
S.
bond yields and U.
S.
indices remained strong, and copper prices jumped under pressure
.
It is expected to run weakly at night, pay attention to the support situation around 6.
56-66,000, and wait and see the
upstream and downstream.
Although the valuation of copper prices is high, but based on the background of tight supply and low inventories, the support below copper prices is strong, and in the absence of macro bearishness, copper prices have relatively limited room for decline, and the short-term probability is to digest high valuations
in time.
After the completion of copper prices and the confirmation of fundamentals (real demand), that is, driven by the accumulation of real demand under the global economic recovery, copper prices will resume their upward trend
.
