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February 20 Shanghai copper morning review

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

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Overnight, the main 1704 contract of Shanghai copper opened lower at 48280 yuan / ton
.
After the opening, the short position increase led to the downward test of copper prices to 47950 yuan / ton, 48000 integer mark support is strong, copper prices rebound above the daily moving average, evening high of 48480 yuan / ton, closed at 48330 yuan / ton, down 270 yuan / ton, trading volume decreased 217,000 hands to 157994 lots, and the position decreased 552 hands to 226640 hands
.
Overnight Shanghai copper hovered at the recent low, testing the support of 48,000 yuan / ton below, and it is expected to operate in the range of 48,000~48800 yuan / ton
today.

Shanghai copper

Overnight, London copper opened at $5984/ton
.
At the beginning of the session, it slightly tested high to 6038 US dollars / ton, the upper part was subject to the 5-day moving average, fell back to the daily moving average near the consolidation, and in the afternoon, with the strengthening of the US dollar, the London copper short-term fell back to 5970 US dollars / ton and then rebounded; During the European session, the center of gravity of London copper gradually moved down, piercing the 10-day moving average support, recording a low of $5920 / ton in the evening, and the 20-day moving average was effectively supported to return to the daily moving average, closing at $5970 / ton, down $20 / ton
.
Overnight, London copper from last Monday's high continued to pullback, closing the upper and lower shadows, Anglo American resources announced at the end of last week that it will suspend the operation of the EI Saldado copper mine, or add more firepower to copper supply concerns, while hawkish statements by Federal Reserve officials guide the market dollar bullish sentiment is warm, copper prices are under pressure, and it is expected to operate in the range of 5920~6000 US dollars / ton
today.

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