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Copper market afternoon comment: The US non-farm payrolls data exceeded expectations, the next week London copper trend closed strongly up more than 4.
5%, China's economic growth target to improve the demand outlook, copper mine supply tight remains unchanged, copper materials rose sharply today
.
On Friday, London copper stabilized on the 20-day moving average and closed at $8974, and U.
S.
copper opened
significantly higher today.
After the daily decline of Shanghai copper, the night session opened sharply higher near the 5-day moving average, and the oscillation closed the doji, closing at 66320, and may open higher with the outside session to around
67000 today.
Shanghai copper trading stable position rise, market confidence restored, Shanghai copper stabilized and rebounded at 65000, short-term shock is expected to continue to rise in the medium term
.
Shanghai copper upper pressure 70000, lower support 65000
.
Copper stocks in the previous period increased by 15,067 tons to 163025 tons last week, an increase of 10.
18%; According to data from the General Administration of Customs, copper imports in the first two months of this year increased by 4.
7% year-on-year, and copper concentrate imports increased by 0.
9%
year-on-year.
China has set a target of 6% economic growth this year to improve the outlook for metal demand; Copper concentrate processing and refining fees fell to a decade low, copper mine supply tightness remained unchanged, and spot copper prices were expected to rise
sharply.
