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February 22 Shanghai copper morning review

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

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volume copper

5 dollar spot

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Overnight, the main 1704 contract of Shanghai copper opened at 48990 yuan / ton
.
After the opening, copper prices fluctuated in a narrow range around the daily moving average, with an amplitude of 330 yuan / ton, a low of 48880 yuan / ton, a high of 49210 yuan / ton, and closed at 49030 yuan / ton, down 20 yuan / ton, the trading volume decreased by 173,000 lots to 123074 lots, and the position increased by 132 lots to 227258 lots
.
Overnight Shanghai copper high consolidation, standing firm 5-day moving average, below the support of the moving average group, is expected to still run high today at 48750~49250 yuan / ton
.

Shanghai copper

Overnight, London copper opened at 6070.
5 US dollars / ton, due to the fruitless negotiation of Escondida copper mine, the Asian session London copper bulls have increased their positions, pulling London copper up to 6093 US dollars / ton, and then with the strengthening of the US dollar index, the long profit closed the bag for safety, copper prices fell back; The European session continued the pullback trend, testing down at $6,031 ton, and after gaining support near the 5-day moving average, the bears covered back copper prices to rise near the daily moving average, closing at $6,056 / ton, down $14 / ton, the volume increased by 963 lots to 12,852 lots, and the position decreased by 1,301 lots to 324179 lots
.
Overnight, Lun copper was suppressed by the strong rise of the US dollar and pulled back slightly, verifying that the 5-day moving average below was effectively supported, and the copper mine supply problem was difficult to solve in the short term, and it is expected that today's operating range is 6020~6095 US dollars / ton
.
Pay attention to the US existing home sales for January, the Eurozone CPI annual rate for January and the German IFO business climate index
for February.

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