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Overnight, London copper opened below $5,800/mt
.
After the opening, the daily moving average of London copper shunshun, after a short stay around 5778 US dollars / ton, copper prices continued to fall, testing low to around 5720 US dollars / ton, but with the decline of the US dollar index, copper prices stabilized at a low level, consolidating around 5733 US dollars / ton, subject to the daily average throughout the day, continuing to test the lower Bollinger band support in the evening, touching 5671 US dollars / ton at a low level, triggering a short profit outflow, London copper rebounded sharply, recovering all the losses in the day, and the high recorded 5810 US dollars / ton, It closed at $5800/ton, down $15/ton
.
LME copper fell to a two-week low on Wednesday as funds cut long positions and U.
S.
President Donald Trump's efforts to push through on health care reform on Friday raised concerns about his ability to deliver on other stimulus promises
.
At 16:00 London time on March 27 (00:00 Beijing time on March 28), three-month copper closed down 0.
7% at $5,760 a tonne, falling to $5,671 intraday, the lowest level
since March 9.
U.
S.
President Donald Trump suffered a major political defeat in his own Republican-controlled Congress on Friday, with Republican leaders withdrawing a bill to reform the U.
S.
health care system, an important part of
Trump's 2016 campaign promise.
Analysts say Trump's election was seen as good for markets, but the market now believes he may not be as effective as
previously thought.
After Trump's failed efforts to overturn Obamacare, there is uncertainty
that other policies he promised will be approved by Congress.
The dollar weakened against a basket of currencies, hitting a four-month low, which could support copper prices
.
Overnight London copper bottomed out, closed a doji line, the capital surface tight factors led to the Asian session copper price straight down, after touching the lower band support level after the rebound is strong, is expected to continue today's technical correction, the operating range of 5770 ~ 5820 US dollars / ton
.
Today, we will focus on the US wholesale and retail inventory monthly rate for February, the 20 major cities house price index y/y for January, and the US Chamber of Commerce Consumer Confidence Index for March
.
