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February 14 Copper Market Morning Review

 Last Update: 2022-12-04
 Source: Internet
 Author: User

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Overnight, the copper market fluctuated and sorted, and the main 1704 contract of Shanghai copper opened at 49820 yuan / ton
.
After the opening, long and short fiercely fought near the daily moving average, the high was 50150 yuan / ton, and the daily moving average fell at the end of the day, closing at 49660 yuan / ton, up 110 yuan / ton, the trading volume decreased by 468,000 lots to 148,790 lots, and the position increased by 4,754 lots to 250606 lots
.
Overnight, Shanghai copper fluctuates in a narrow range above the upper rail of Bollinger Road, and the upper rail of Bollinger Road below is still supported, and it is expected that the operating range today is 49300~50000 yuan / ton
.

Copper City

Overnight, London copper opened at $6,090/ton
.
During the Asian session, copper mine supply concerns continued to ferment, and bulls continued to increase their positions, pulling copper prices up to around $6,155/ton, recording an intraday high of $6,204/ton; During the European session, as crude oil dived, some bears increased their positions with the trend, copper prices pulled back to the upper Bollinger band, low 6086.
5 US dollars / ton, closed at 6127 US dollars / ton, up 39.
5 US dollars / ton, trading volume decreased 9202 hands to 26260 lots, and positions increased 3258 hands to 325367 lots
.
Overnight London copper continued to consolidate at a high level, below the upper rail of Bollinger Road underpinning, OPEC monthly report shows that Saudi Arabia in January production reduction hit the largest in eight years, crude oil prices have support, it is expected that today London copper is still running at 6030 ~ 6130 US dollars / ton
.

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