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On Friday, London copper fell slightly under pressure near the 20-day moving average and $5800, and U.
S.
copper opened
slightly higher today.
Shanghai copper opened higher and rose slightly on Friday, and it is expected that it may continue the trend around 46,000 today
.
Shanghai copper trading decline holdings rise, short-term may continue a moderate rebound, the current domestic epidemic data improved many places began to resume work, Shanghai copper fundamentals are supported to a certain extent, the current market sentiment is stable, the market has stabilized, the possibility of another plunge is small
.
Technically, the upper pressure of Shanghai copper is 47000, and the 5-day moving average is supported below
.
In terms of news, there were 1,933 new confirmed cases of new coronary pneumonia in Hubei on February 17, and the domestic epidemic data continued to improve
over the weekend.
Eurozone Q4 GDP was 0.
9% year-on-year preliminary versus 1% expected and 1%
prior.
US retail sales in January were 0.
3% m/m vs 0.
3% expected vs.
0.
3%
prior.
On Friday, European economic data fell short of expectations, the euro fell to a new recent low and the dollar rose
.
At night
, the outer disk is under pressure with non-ferrous metals.
Today, the price of recycled copper in the South China market rose
across the board.
The president of Wuhan Leishenshan Hospital said that the inflection point of the epidemic has come and is very confident
.
Coupled with a series of stimulus measures launched by the central and local governments, market confidence has rebounded significantly, and copper prices have rebounded
.
Entering this week, the number of metal companies resuming work has increased significantly, but subject to logistics and personnel arrivals, the actual operating rate is still not high, and the output is limited
.
At present, the market is still bullish on the after-market trend of copper, and it is expected that after the epidemic eases, the price will achieve a "V" rebound
.
At present, the market is closely watching the further situation of the epidemic, and expects a full recovery in demand to drive metal prices up
across the board.
