July 23 copper market morning review

Copper market morning comment: overnight London copper opened high and low turned down nearly 1%, and opened slightly higher to $6485 today
.
Shanghai copper bottomed out and closed in the dark close, closing above the 5-day moving average at 51980
.
Shanghai copper trading rose sharply and positions declined, Shanghai copper was affected by macro factors, the market was biased to wait and see, but technically the trend is strong, short-term may fluctuate
at a high level.
The future market is wary of the epidemic in the United States and there is great uncertainty
in policies.
Shanghai copper upper pressure 53520, lower support 48000
.

Second-hand home sales in the United States rose 20.
7% in June from the previous month, equivalent to an annualized rate of 4.
72 million units, the largest increase on record
.
Yesterday, the United States closed the embassy in Houston, China, and Trump said it would likely close more embassies
.
Market risk aversion has risen significantly, and the high level of non-ferrous metals has fallen
sharply.

The renewed tension between China and the United States may lead to an increase
in risk aversion in the market.
Europe has implemented the largest economic rescue package in history, but the recovery in overseas demand is still not optimistic
in the short term.
The domestic market also shows a seasonal slowdown, and the overseas financial market has shown a certain degree of overbought copper, and the follow-up outlook of the supply side is relatively stable, and it is expected that the pressure on the subsequent copper price will be greater, and there is a greater possibility
of decline.