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March 15 London Copper morning review

 Last Update: 2022-12-09
 Source: Internet
 Author: User

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Overnight, London copper opened at 6939 US dollars / ton, the influx of bulls at the beginning of the session, coupled with China's industrial data exceeded expectations, copper prices showed a volatile upward trend above the daily moving average, during which the short downward test of the moving average was strongly supported
.
After reaching the intraday high of $7064 / ton, entering the United States time, the upward momentum was insufficient, showing a volatile downward trend, and then fell below the daily average to a low of $6968 / ton
.
It closed at $6,982/ton, up $29.
5/ton, with a volume increase of 6,954 lots to 18,644 lots and a position of 902 lots to 310,000 lots
.

London copper

Draghi's dovish speech, the euro fell short-term to boost the dollar, but US retail sales in February fell short of expectations, further weakening the Fed's pace of interest rate hikes, in addition, the new White House chief economic adviser said that the United States will take a hawkish stance in international trade, which intensified investor concerns about the Sino-US trade war, the dollar continued to come under pressure, supporting copper prices
.

Due to China's economic data is good, superimposed inventories continue to decrease, the two cities copper prices turned red, London copper night rebound rushed higher, once rushed to $7,000, is still at $6,900 fluctuating, upward momentum is still insufficient, in the long run, scrap copper supply shortage to copper prices support is better, technical above the average resistance is still somewhat suppressed, it is expected that today's London copper or strong shock dominance
.

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