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February 9 Copper Market Morning Review

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

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Overnight, the outer copper market opened at 5805.
5 US dollars / ton, during the Asian session because the Chilean Escondida copper miners said that workers will start a strike on Thursday, London copper bulls increased their positions sharply, copper prices continued to extend the daily average to rise, touched a high of 5890 US dollars / ton, bulls took profits, copper prices fell back to the daily average above 5870 US dollars / ton near consolidation, repeatedly tested the support of the daily average, after confirming the support, copper prices continued to rise during the European session, recording a daily high of 5925 US dollars / ton, The evening high fell back above the daily moving average and closed at $5867.
5/ton, up $60.
5/ton
.
Overnight London copper was boosted by supply-side news, the center of gravity rose steadily, intraday news is light, it is expected that the market will continue to digest the news of Chile and free port production cuts, copper prices are running strongly at 5850~5930 US dollars / ton
.

Copper City

Overnight, the Shanghai copper 1704 contract opened higher at 47710 yuan / ton
.
After the opening, long and short fierce competition near the daily moving average, copper prices stalemated, the high recorded 47950 yuan / ton, closed at the opening price, up 350 yuan / ton, the trading volume decreased by more than 60,000 lots to 54068 lots, and the position increased by 1384 lots to 157396 lots
.
Overnight, Shanghai copper broke through the moving average resistance to close a doji line, long and short still have an uncertain attitude towards the current price, but the strong external market led Shanghai copper to maintain a strong trend, and it is expected that today's operating range is 47500~48000 yuan / ton
.

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