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Shanghai copper fell sharply on Friday to close the long black line, hitting a new low since 2017 at 44240
.
Considering that China's economic data has come out and the domestic epidemic situation has improved significantly, copper prices may gradually begin to stabilize
this week.
Shanghai copper upper pressure 5-day moving average 45500, lower support 44000
.
Last week, the outbreak of the overseas epidemic caused market panic to spread again, and the stock market and commodities showed a collective sharp decline, with Shanghai copper falling below a new low of 44,080 yuan / ton
on the first day after the Spring Festival on February 3.
Although the domestic epidemic continues to improve, overseas countries such as South Korea and Italy will still be in the outbreak stage, superimposed on other Western countries, it is difficult to say optimistic
.
In terms of supply and demand, the resumption of work in China is continuing, but "Dr.
Copper" will also focus on market sentiment, while the development of the overseas epidemic and the performance of global capital markets will determine the short-term copper price performance
.
It is expected that copper prices will continue to remain weak before the overseas epidemic is not effectively controlled, and it is operationally recommended that short orders in the early stage continue to be held, and short chasing needs to control positions and rhythms
.