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On Friday, the stock market continued to be turbulent, the domestic Shanghai and Shenzhen stock markets fell sharply, causing investors to panic, with the recent increase in London copper inventories of more than 40,000 tons, copper prices continued to fall, last Friday London copper opened at 6840 US dollars / ton, after the opening of the bulls cautious, the first to close the position out of the market, copper prices all the way down the shock, low to 6734 US dollars / ton, the end of the day basically closed the intraday low at 6750 US dollars / ton, down 109 US dollars / ton, the transaction decreased 7117 to 24622, the position decreased 3491 to 326,000 lots
。
In terms of the market, as of February 9, the spot price of London copper was 6755 US dollars / ton, which was 43.
25 US dollars / ton discount from the March contract; The actual ratio of Shanghai copper spot to London copper spot was 7.
57 (import ratio was 7.
47), and the import profit was 653 yuan / ton; The actual ratio of the Shanghai copper 3 contract to the London copper March contract was 7.
58 (the import ratio was 7.
47), and the import profit was 764 yuan / ton
.
At present, there is relatively little fundamental information, and the volatility of LME inventories and the sell-off in the stock and bond markets will be the main factors
affecting the trend of copper prices during the Spring Festival.
However, although the price may be weak in the short term, the fundamentals of the copper industry have not changed much, and the downside may not be too much
.
The short-term test of 50,000 support
.
