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    Home > Chemicals Industry > New Chemical Materials > May 20 Shanghai copper brief commentary

    May 20 Shanghai copper brief commentary

    • Last Update: 2022-12-22
    • Source: Internet
    • Author: User
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    Today's Shanghai copper continued to open low overnight, the shock upward converged part of the decline, as of the end of the day closed Shanghai copper main 2106 contract closed at 73450, down 1560, down 2.
    08%.

    Shanghai copper

    Overnight, the Fed was less dovish than expected, QE was scaled back to the main focus of the market, and the US index violently pulled up to suppress non-ferrous metal prices
    .
    The State Council once again mentioned the issue of commodity prices in the short term, cracked down on malicious stockpiling speculation to suppress market confidence, Shanghai copper rebounded slightly within the day, and then the upper 73,000 support level around the shock dominant, short-term momentum may be limited
    .

    The pattern of copper prices in the near future may change, driven by money and finance into medium and long-term fundamental demand, bringing about painful price adjustments
    .
    It is expected that the recent weak rebound of Shanghai copper is dominant, focusing on the 73,000-74,000 shocks, and the overall upward and downward range is limited
    .
    The operation is mainly wait-and-see, and the near-term demand is cautious and low-sucking
    .

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