July 8 Copper Market Brief Review

Today's Shanghai copper main force opened at 49810 yuan / ton in the morning, after the opening copper price briefly rose from 49830 yuan / ton position oscillation lower, probe intraday low 49550 yuan / ton, with the bulls have increased positions one after another, the plate rose slightly, closing at 49770 yuan / ton
at noon.
At the opening of the afternoon, Shanghai copper around 49770 yuan / ton position narrow range, at this time more force, pull up copper prices quickly climbed to the intraday high of 49970 yuan / ton, near the end of the day, bulls took profits, copper prices fell back, closed at 49800 yuan / ton, up 410 yuan / ton, up 0.
83%.

At present, economic policy liquidity continues to be loose, Fed Mester said that it will maintain loose monetary policy, and will take more actions to support economic recovery, and the macroeconomic environment continues to improve to boost market risk appetite, which is positive for copper prices
.
Driven by London copper, Shanghai copper extended its rally today
.

In terms of fundamentals, the current epidemic in South America continues to spread, with the cumulative number of confirmed cases in Chile exceeding 300,000
.
Chile's National Copper Mining Workers' Association released news that a large number of miners and staff in Chile's major copper mining enterprises have been diagnosed with new coronary pneumonia, and the cumulative number of confirmed cases has exceeded 3,500, and the market's worries about copper supply are fermenting again, supporting copper prices upward
.
Shanghai copper has closed positive for 3 consecutive days, MACD red column expanded, and there is a 5-day moving average below the bottom, the technical point is bullish copper prices
.
At present, London copper has rushed to a high of 6200 US dollars / ton, if the strong momentum is maintained, the Shanghai copper opening in the evening pointed to the 50,000 mark, standing on a new platform
.