-
Categories
-
Pharmaceutical Intermediates
-
Active Pharmaceutical Ingredients
-
Food Additives
- Industrial Coatings
- Agrochemicals
- Dyes and Pigments
- Surfactant
- Flavors and Fragrances
- Chemical Reagents
- Catalyst and Auxiliary
- Natural Products
- Inorganic Chemistry
-
Organic Chemistry
-
Biochemical Engineering
- Analytical Chemistry
-
Cosmetic Ingredient
- Water Treatment Chemical
-
Pharmaceutical Intermediates
Promotion
ECHEMI Mall
Wholesale
Weekly Price
Exhibition
News
-
Trade Service
Shanghai copper fell on Thursday morning, after the market fell for four straight days, hitting its lowest level in more than two weeks, weighed down
by a higher dollar and tumbling global stock markets.
A stronger dollar increases the cost of metals purchased by holders of other currencies, which drags down metal prices
.
The Shanghai copper main 1804 month contract opened down to a low of 52120 yuan in the morning, rebounded to 52500 yuan, and then continued to weaken under pressure again, falling to a low of 52490 yuan before the close, closing at 52590 yuan, down 450 yuan, or 0.
85%.
Index holdings increased by 8,348 contracts to 856,000
.
LME copper opened slightly lower at $6,905 in March, then rallied as high as $6,965 to come under pressure again, falling to near flat before closing, closing at $6,943.
5, up $7, or 0.
10%.
On the macro front, Caixin China's manufacturing PMI index edged up to its highest since August last year in February and expanded for nine consecutive months.
Although new export orders have declined, the overall total amount of new business has still risen, and the confidence index has risen to an 11-month high
.
Overall, China's manufacturing industry continues to expand slightly, and the domestic economy remains resilient
.
In the market, demand has not yet returned to normal levels after the holiday, and the sharp decline in copper prices has kept traders cautious, and the overall trading in the market has not improved
.
On the news front, the Oyu Tolgoi copper-gold mine in the Gobi region of southern Mongolia announced the end of force majeure from March 1, and the major shareholder said that it expects the revenue impact to be compensated
for in the coming quarters.
South Africa's newly appointed mining minister, Gwede Mantashe, said he would finalize the latest version of the industry charter in the next three months
.
The US dollar index still maintains a strong trend, while the current domestic peak season demand has not yet started, the later focus on macroeconomic changes, and the impact of the two on the real estate market policy in the future, it is expected that Shanghai copper may continue to pull back in the short term
.
From the perspective of futures, Shanghai copper main MACD golden cross, KDJ dead cross, the price fell below a number of moving average support, short-term trend is bearish, it is expected that the support at 52,000 yuan will be tested below
.
