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The main force of Shanghai copper is running below the daily moving average during the day, although the gap opened high in the morning, but the overall upward momentum is insufficient, mainly because the domestic epidemic has been controlled, and the resumption rate of enterprises has increased significantly during the week, which has boosted the copper market; However, because the epidemic situation abroad has not improved substantially, important Iranian officials have been infected one after another, and the number of cases in South Korea is also increasing, and the risk is still in essence, limiting the price of copper to rise
.
Copper prices fell last night mainly because investors were still uneasy about the impact of public health events on the economy, and the surge in confirmed data overseas, especially in countries such as South Korea and Italy, once again raised market concerns, and 10-year and 30-year US Treasury yields hit record locations, indicating that the market is worried about
a continued economic slowdown or even recession.
Although the Fed urgently cut interest rates by 50 basis points last night, as the market has priced in this part of the expectation in the early stage, risk assets were boosted in the short term after the news, and then U.
S.
stocks turned back to decline, and copper prices also fell
downward again.
A new round of easing is coming, interest rate cuts have become a common choice in all countries, and funds are favorable to copper prices, but overseas epidemic data and domestic resumption of work are still the main factors
restricting the recovery of copper prices.
In terms of spot, due to the recovery of plate prices, it is expected to continue to suppress downstream buying sentiment, but the current discount remains at a high level, and the willingness of holders to actively let prices and shipments is not strong, and it is expected that today's spot performance will be deadlocked
.
It is expected that today's Shanghai copper 45300-45700 yuan / ton
.
It is expected that today's spot discount is 120-90 yuan / ton
.
