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After yesterday's Shanghai copper rushed to the 49300 line in early trading, the futures price fluctuated back, and the late closing low closed inverted hammerhead line, indicating that the high selling pressure is heavier, and the end of the futures price rebound is expected to fall again
.
The night market closed the doji, and the bulls and bears were more cautious
.
It is expected that today's futures will fluctuate around the 48800 line, and the short-term low will be at the 48500 line
.
In terms of news, China and the United States released a large number of economic data overnight, China's GDP growth of 6.
7% in the second quarter was in line with expectations, but down 0.
1% from the first quarter, while fixed asset investment, industrial added value above designated size and real estate development investment completed less than expected, and China's economy was under obvious pressure
in the second quarter, especially in June.
Overnight U.
S.
retail sales data missed expectations and the dollar fell
slightly.
The overnight U.
S.
and Russian presidential talks did not release news, the market expected that the talks may not go well, non-ferrous metals are under obvious pressure, and copper prices fluctuate and fall
.
Base metals as a whole are still in a bearish atmosphere, especially zinc is heavily allocated
by bears.
At present, the flattening of the US dollar gives copper prices room to ease, and the narrow price spread makes its lower support appear, briefly stabilized after the deep decline in the early stage, but the overall is still in a bearish atmosphere, Shanghai copper position reduction exit or hint that bulls have insufficient confidence, and the pressure on the upper five-day line is greater
.
It is expected that the main range of Shanghai copper today is 48500~49000 yuan / ton
.
