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Overnight, London copper opened at 5839.
5 US dollars / ton
.
After the opening, copper prices fell under pressure, reaching as low as $5,787 / ton, and then the bears made up for their lows, pushing copper prices back above the daily moving average; Entering the European session, the PMI data released by the euro area is good, the euro rose sharply against the dollar, the dollar passively fell to 99.
654, London copper benefited from the rebound, the center of gravity moved up to 5825 US dollars / ton near consolidation, above repeatedly tested the pressure of the 5-day moving average, the pressure at the evening 5-day moving average was significant, copper prices fell twice to the low of the daily moving average to record 5776.
5 US dollars / ton, and the late recovery closed at 5815 US dollars / ton, down 38.
5 US dollars / ton
.
Republican leaders in the U.
S.
House of Representatives withdrew the health care reform bill on Friday due to lack of enough votes to pass, and investors worried that Trump's economic plan would be blocked
.
Last week, the US released a preliminary monthly rate of durable goods orders for February, which was better than the previous reading, but slightly lower than expected
.
On the supply side, the latest news showed that the strike at Chile's Escondida project, the world's largest copper mine, would end, and three workers said after a union meeting last Thursday that workers had decided to invoke legal provisions and extend the execution period
of old contracts.
In terms of stocks, LME copper stocks 312525 tons, down 4575 tons; On the 24th, the copper warehouse order in the previous period was 168112 tons, an increase of 47 tons
.
In terms of domestic downstream demand, March and April of each year is the peak season for copper downstream production, and demand is expected to increase, supporting copper prices
.
In terms of data, today we will focus on Germany's IFO business climate index
for March.
On Friday, the London copper oscillation closed lower out of the small black line, the domestic night trading narrow range, is expected to short-term trend volatility, short-term operation is the mainstay
.
