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July 5 Shanghai copper afternoon review

 Last Update: 2022-12-16
 Source: Internet
 Author: User

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Today's Shanghai copper showed a weak shock trend, and the price fell again after midday
.
Macro news is flat, fundamentally, copper production from January to May increased by 11.
7% year-on-year, and the increase in supply coupled with the arrival of the demand off-season has a suppressive effect
on copper prices.
The general decline in the global manufacturing industry in June once again showed downward pressure on the economy, and countercyclical adjustments such as the Federal Reserve's interest rate cut and domestic SME financing policies are expected to start one after another, which will have a supportive effect
on copper prices.

Shanghai copper

Last night's internal and external overall performance of the shock pattern, as the United States released ADP data less than expected, the market is worried about the US economy, last night the US index fell, supporting copper prices, copper prices to maintain stability did not continue to decline
.
At present, in terms of macro, today's focus on the non-farm payrolls data released by the United States in the evening will form a guide for the trend of copper prices, and the fundamental copper market will continue to maintain a light consumption pattern, which is difficult to support copper prices up
.

At present, Shanghai copper has lost all moving average support, KDJ indicators continue to expand bearishly, and the technical situation lacks support
for copper prices.
It is expected to continue to weaken the volatility today
.
Spot premium has continued to be strong recently, traders have sufficient supply in hand, and the market price has remained volatile, the overall market trading is deadlocked, and it is still difficult to change the pattern
of rising water today.
It is expected that today's Shanghai copper 46200-46600 yuan / ton, spot today premium 60-140 yuan / ton
.

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