July 28 Copper Market Brief Review

Today's Shanghai copper rushed back down, closing the Shanghai copper main 2009 contract closed at 51520, down 150, or 0.
29%.

It is expected that the Shanghai copper in the night market maintains range fluctuations, the main force around 51,500 effect or not ideal, after the defeat of this round of breakthrough due to surrounding market factors, or will return to a narrow range, there is still a strong possibility of range shock in the case of increased amplitude, the upper space opens to around 54,000, short-term support 51,000, strong support around
50,000.

Against the backdrop of international tensions, a severe new crown epidemic and market expectations that the Federal Reserve will maintain a long period of easing, the dollar is under full pressure, gold, silver and other precious metals soared to record highs, copper prices were also boosted, opening higher in the morning and breaking above the 52,000 mark
.
During the day, gold and silver showed a deep correction, and copper prices fell under pressure
.

Affected by the fall of the high level of precious metals during the day, other non-ferrous metals came under pressure to decline, and the Shanghai copper rush quickly converged to a decline in early trading
.
Fundamentally, the supply contradiction in the middle and upper reaches still exists, the two copper mines in Antofagasta, Chile have quelled the strike, and the obstruction of mining transportation in Peru has continued the problem of concentrate supply on the other hand, and the cumulative import of domestic scrap copper in June decreased by 46%
year-on-year.
The US trillion fiscal stimulus policy is released, the US dollar index hovers at a low level to release copper price pressure, at present, the probability of moderate upward movement in the off-season of Shanghai copper is greater, but the capital entry or bring another side of volatility
.