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February 20 Shanghai copper afternoon review

 Last Update: 2022-12-15
 Source: Internet
 Author: User

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Overnight, the main 1904 contract of Shanghai copper opened at 49280 yuan / ton, and after opening a short-term low of 49230 yuan / ton, the center of gravity rebounded up to the daily average of 49310 yuan / ton, after the narrow range of shock sorting, the bulls entered the market strongly in the evening, the center of gravity rose in a straight line, moving up to 49730 yuan / ton around the oscillation, during the period of testing 49790 yuan / ton, closing at 49770 yuan / ton
.

Shanghai copper

Fundamentals: Supply and demand are basically balanced, scrap copper imports are restricted, Sino-US trade war continues negotiations, China's Caixin China Manufacturing Purchasing Managers' Index (PMI) recorded 48.
3 in January, down 1.
4 percentage points from December 2018 and the lowest since March 2016, indicating a further slowdown in manufacturing operations;

In terms of spot, due to the sharp rise in the market, the market is expected to fear the current high and the transaction is blocked
.
It is expected that today's London copper 6285-6350 US dollars / ton, Shanghai copper 49500-50000 yuan / ton, spot discount 200-discount 70 yuan / ton
.

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