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In the eleventh day, under the leadership of London copper, Shanghai copper opened high to hit the 70,000 mark, and fell one after another to converge some of the gains during the day
.
After the Shanghai copper main 11 contract jumped high in the morning market to 69700 yuan / ton after a little sorting, the center of gravity began to fall, after falling below the daily moving average, the center of gravity continued to fall, and the second session returned to 69150 yuan / ton in a narrow range
.
In the afternoon, the downward shift of the center of gravity slowed down, copper prices fell below the 69,000 yuan / ton mark, and the market returned to the narrow range near the 68,850 yuan / ton position, and finally closed at 68,840 yuan / ton
.
On the macro front, the dollar fluctuated in a narrow range throughout the day, but the overall trend was upward, and the market waited for the upcoming non-farm payrolls data
during the day.
The U.
S.
debt ceiling deal was reached, with the Senate voting to extend the short-term debt ceiling until Dec.
3 and allow the debt limit to increase by $480 billion to avoid default
.
Currently, the agreement is put to a vote
in the House of Representatives.
It also brought relief to bond investors
.
With the short-term debt ceiling extended until December, the risk of a U.
S.
debt crisis is less urgent, and U.
S.
Treasury yields have fallen
from their highs in October, following a spike in interest rates due to market concerns about default.
In terms of the market, the spot price of Yangtze River nonferrous copper is 69940-69960 yuan, and the average price is 1040 yuan
higher than before the holiday.
The trading volume of the spot market was warmer than before the holiday, and the premium rose by 100 yuan / ton
.
Downstream consumption is general, and I heard that a small amount of replenishment is heard; The mainstream transaction of flat water copper is at the level of 350 yuan, the supply of good copper is limited and the price of flat water copper has expanded, and the difference between copper reporting and flat water copper price difference has narrowed
.
Overall, the peak copper consumption season will pass, and under the greater economic pressure in the second half of the domestic year, copper price momentum is weak, but long-term expectations support prices are acceptable
.
It is expected that Shanghai copper will maintain a volatile pattern next week, with obvious upper pressure and acceptable support effect
.
