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On Friday, the main force of Shanghai copper opened at 51750 yuan / ton in the morning, and after the opening, the price of copper rose slightly, exploring the intraday high of 51950 yuan / ton, but the upward momentum was limited, the plate fell to 51700 yuan / ton, and around the position for sideways until the noon close
.
At the beginning of the afternoon, copper prices briefly rose to 51870 yuan / ton and fell again, crossing the daily moving average to test the intraday low of 51620 yuan / ton
.
The tail end of the short head separated the field, causing the plate to temporarily get out of the low, and finally closed at 51820 yuan / ton, down 10 yuan / ton, down 0.
02%.
The coronavirus pandemic has hit the economy harder than expected, and last night the United States reported a sharp contraction of 32.
9% in the second quarter, the largest decline since the 40s
.
The uncertainty of economic recovery prospects, coupled with the continuous spread of the global epidemic, has aggravated investors' pessimistic expectations, and macro sentiment has been cold to pressure copper prices, but China's manufacturing industry has recovered steadily, and economic recovery growth has formed a good trend
.
In the morning, the National Bureau of Statistics announced that China's manufacturing PMI in July was 51.
1%, above the 50-rise line for five consecutive months
.
The manufacturing PMI index continued to rise, indicating that the domestic economic boom continued to recover, boosting copper prices
.
In the spot market, traders are mainly circulating, downstream on-demand consumption, the overall transaction is general, and the characteristics of month-end stalemate are obvious
.
China's July manufacturing PMI was 51.
1, better than market expectations, and up 0.
2 percentage points from the previous month, above the critical point for five consecutive months, with the dematerialization of LME inventories suggesting continued improvement in overseas demand and support below copper prices
.
